Crude Oil Price Rebound Unwinds After Testing 50-Day SMA

 

Despite a larger-than-expected fall in US inventories, the price of oil trades at a new weekly low ($88.27). Crude may continue to give up the climb from the monthly low ($85.73), as it looks to be reversing direction after challenging the 50-Day SMA ($96.34).

CRUDE OIL PRICE REBOUNDS AFTER 50-DAY SMA TESTING

For the second day in a row, the price of oil looks to be falling in response to the moving average’s negative slope. Crude may continue to fall in the days to come since it doesn’t seem to be affected by recent events in the US.

The Organization of Petroleum Exporting Countries (OPEC) may be influenced by the data prints, though, as the 3.326 million decline in US inventories indicates strong demand. It is unclear whether OPEC will change its output plan at its next ministerial meeting on September 5, as the most recent MOMR warns that “for 2022, world oil demand is foreseen to rise by 3.1 mb/d, a downward revision of 0.3 mb/d from last

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