Mar. 3, 2021
Crude oil today at a glance – light green, mostly flat: Oil ranges between $60.02 and $59.24 and is now at $59.96. United States ADP Nonfarm Employment Change (Feb) data will be released today at 1:15 PM, with an expected decline to 177,000. (Trade Crude oil with FXTM now).
Crude oil technical analysis picture ahead of data: visual analysis of the crude oil's price graph shows crude oil could be slowing down soon as it is approaching and is only $1.18 away from resistance at $61.14, of course, crossing it might suggest further gains are ahead. In terms of trend indicators, we can see that at $59.83, crude oil made an initial breakout above the 21 day Simple Moving Average, an indication of a positive trend.
Overall, the technical analysis suggests crude oil is neutral for the immediate future, with no clear-cut direction.
As the market gets ready for data release – After starting the session at 13,588.83, NASDAQ lost 230.04 points and is trading around 13,358.79.
Earlier data releases related to Crude – data for United States API Weekly Crude Oil Stock released yesterday at 9:30 PM came out at 7.36 million, beating projections of -1.85 million and showing improvement over the preceding figure of 1.03 million.
Coming up for Crude oil – projections for United States Crude Oil Inventories are set for a continued decline at -928,000 while the previous data was 1.28 million, Data will be released today at 3:30 PM. United States Crude Oil Production is expected today at 3:30 PM.
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