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[Bitop Review]WTI Crude Extends Losses, Down Over 6% as API Inventory Data Takes Center Stage

2024年10月29日发布

Crude Oil Market Analysis:


WTI crude oil prices continued their decline in early Asian trade on Tuesday, October 29th, remaining near the lows of the previous session.  While prices have not yet breached Monday's low of $66.92 per barrel, they are still down nearly 6% from yesterday's close.  Easing geopolitical tensions in the Middle East and reduced concerns about supply disruptions are weighing on oil prices.  Although the US announced plans to purchase 3 million barrels of oil for its strategic reserves, this failed to provide any significant support to prices, suggesting that expectations for a demand recovery remain weak.  The overall fundamental outlook is bearish, and with the technical breakdown, further downside is likely.


Brent crude futures settled at $71.42 a barrel on Monday, down $4.63 or 6.09%. US crude futures settled at $67.38 a barrel, down $4.48 or 6.13%, both hitting their lowest levels since the opening of October 1st.


The US announced on Monday that it is seeking to purchase up to 3 million barrels of oil to replenish its Strategic Petroleum Reserve (SPR), with deliveries expected by May 2025.  This purchase will leave the government with little funding for further oil purchases until Congress approves more funds. As part of its efforts to replenish the SPR, the Department of Energy also worked with lawmakers in late 2022 to cancel a congressionally mandated sale of 140 million barrels of oil by 2027.  This sale had been approved by both Democratic and Republican lawmakers to fund government programs.


Crude Oil Technical Analysis:


Daily Chart:The daily chart shows that the recent rebound attempt failed to gain traction, with prices resuming their decline.  Prices have now reached the $66.90 support area, with the bears firmly in control.  The medium-term outlook remains bearish, with the downside target being the previous low around $66.40.


4-Hour Chart:The 4-hour chart shows that oil prices formed a Doji candlestick pattern after a rebound attempt failed.  This suggests that prices found temporary support near the $66 level.  However, the daily chart remains bearish, with the $66 level acting as a key resistance zone.


Overall:The short-term outlook for oil favors selling on rallies with selective buying on dips.


Key Resistance Levels: $69.5 - $70.0


Key Support Levels: $66.3 - $65.8


Disclaimer: None of the information contained here constitutes an offer (or solicitation of an offer) to buy or sell any currency, product or financial instrument, to make any investment, or to participate in any particular trading strategy.