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08.05.2024
USOIL fell to a 2-onth low
On Tuesday, USOIL decreased slightly. It reached US$77.36 per barrel for some time, which marked the lowest level since March 13.
EIA lowered the forecast for oil demand growth
Global oil demand growth is expected to be lower than the previous forecast, and global oil production growth is expected to be higher than the previous forecast, to maintain the balance in the market, the EIA said on Tuesday.
The forecast for global oil demand growth 2024 is reduced by 30 thousand barrels per day to 920 thousand barrels per day, and the forecast for global oil production 2024 is raised from 850 thousand barrels per day to 970 thousand barrels per day, the EIA’s monthly report shows.
US API crude oil inventories increased
US API crude oil inventories (during the week ending on May 3) was 509,000 barrels Vs. -1,244,000 barrels (forecast), and US API gasoline inventories (during the week ending on May 3) was 1,460,000 barrels Vs. -1,392,000 barrels (forecast), according to the data from the API.
The bearish market trend prevailed
the Chart of the Day
On the chart of the day, USOIL was prone to fluctuation and declined. The bearish market trend prevailed. In terms of technical indicators, MACD went downwards after death cross occurred, showing USOIL will fall further. Investors should focus on whether USOIL will break through the support at 76.4. It will decline further with potential support at 75.5 if it breaks below 76.4.
4-hour chart
On the 4-hour chart, USOIL was prone to fluctuation and declined. The bearish market trend prevailed. In terms of technical indicators, KDJ went downwards after death cross occurred, showing the bearish market trend prevailed. Investors should focus on whether USOIL will break through the resistance at 79.0. It will fall further if it rebounds but is capped at 79.0.
Key resistance: 79.0, 80.6
Key support: 76.4, 75.5
Generally speaking, lowered by multiple negative factors, USOIL is more likely to fall further in the short term. Investors should focus on EIA crude oil inventories during the day.
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