Can you afford to take that chance?
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Crude oil prices gained traction during the first half of the day and the barrel of West Texas Intermediate (WTI) reached a fresh weekly high of $57.75 before reversing its direction during the American trading hours.
Earlier in the day, the Organization of the Petroleum Exporting Countries (OPEC) in its latest report announced that it kept its forecast for 2020 global oil demand growth unchanged at 1%, or 1.08 million barrels per day (bpd) to provide a boost to crude oil. Furthermore, OPEC noted that the surplus in 2020 would be around 70,000 bpd if OPEC kept the production at November's rate, down from 340,000 bpd surplus in September report.
Oil production and inventories continue to rise in US
However, the Energy Information Administration (EIA) in its weekly publication said that crude oil stocks in the United States increased by 2.2 million barrels per day in the week ending November 8 and crude production rose by 200,000 barrels per day to a weekly record of 12.8 million bpd to weigh on the WTI. As of writing, the WTI was down 0.6% on the day at $56.95.
Furthermore, the data from China on Thursday showed that both industrial production and retail sales increased less than expected on a yearly basis in October to revive concerns over weakening energy demand in world's second-largest oil consumer.
Disliked{quote} Thanks A,still got me spooked, been here before, looking for a target of sub 56.50 put a rising support on the hourly, will be watching to see if it's a magnet,D EDIT 4hr looks to have broken out and dropped back in as it has done a few times, indicators showing a little divergence tha's the only reason to see something different, got my eyes onIgnored
Disliked{quote} I'm thinking of going long too. I am waiting to see what the CME front month does because it's just below $57 and I want it to break that first. If it breaks above $57 I think we will see WTI recoup some ground from the price declines attributed to those inventory numbers. {image}Ignored
Disliked{quote} Closed long, in all fairness,if you know where this is going, you deserve a medal, if in doubt, close out, added to the Naz short, DIgnored
Disliked{quote} Yeah, I never entered and I'm long gold and silver so I think I'll hold off on WTI trades for now. I don't want to get spanked to close out the week.Ignored