Crude OIL Live News

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Apr. 16, 2021

Trend reversal? After five days of going up, Crude oil down 26 cents today closing at $63.05

(23:27) GMT

Crude oil today at a glance – light red, Crude oil closed at $63.05 after ranging between $63.86 and $62.81. (Start trading Crude oil at FXTM today).

In contrast, positive data for crude oil reported earlier when United States Building Permits came out at 1.77 million, above the estimate of 1.75 million. This is also a step forward from the previous data of 1.72 million. Data for United States Core Retail Sales released yesterday at 12:30 PM came out at 8.4, beating projections of five and showing improvement over the preceding figure of -2.5. Data for United States Retail Sales released yesterday at 12:30 PM came out at 9.8, beating projections of 5.9 and showing improvement over the preceding figure of -2.7.

A study on crude oil's chart pattern shows the nearest support level is at $57.76, while the closest resistance is at $67.48. In terms of trend indicators, we can see that the CCI indicator is above 100. When the CCI (Commodity Channel Index) is at this level, it means the price is above the average price as measured by the indicator, indicating a possible start of a new uptrend. Asset volatility analysis shows that the upper Bollinger band is at $63.31, indicating a further downward move might be next.

Overall, technical indicators suggest crude oil has no obvious direction for the immediate future.

The positive performance, however, can be seen looking at other symbols as a new all-time high for Dow Jones as it reaches 34,257. S&P climbs to 4,187, marking a new all-time high.

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Week to date

Crude oil climbs to $63.05 (a 6% gain) after starting the week at $59.5 .

A good end to the trading week, Crude oil spiked to $63.05 gaining $3.56. (Start trading Crude oil at FXTM today).

This move comes while some more positive signs for crude oil are out as United States Core Retail Sales came out at 8.4, above the estimate of five. This is also a step forward from the previous data of -2.5.

Nevertheless, United States Crude Oil Inventories published on Wednesday came out at -5.89 million, falling short of the -2.89 million projections and continuing its decline from the previous -3.52 million figure.

Crude oil shows positive signs, other assets are also on par: after 2 years, Euro/Yen hit a fresh high at 130.63. The New-Zealand Dollar made its largest weekly gain of 105 pips(0.34%) since November 2020.

At the same time, Yen made its largest weekly gain of 104 pips (0.04%) since November 2020. The GBP/NZD made its largest weekly gain of 285 pips (0.75%) since December 2020. At 1.697, GBP/CAD is down to its lowest value in 4 months.