The US Crude Oil price might fall in the near term. The price will go below EMA 50 and EMA 100 on the daily chart. The MACD is already into negative territory on the daily chart. According to the weekly chart, the stochastic oscillator started the retracement. The price stays below EMA 20, EMA 50, and EMA 100 on the weekly chart.
Adding pressure to prices, the U.S. Federal Reserve said U.S. unemployment was set to reach 9.3% at the end of 2020. It would take years to fall back, while interest rates were expected to stay near zero at least through 2021.
The most important data from this week:
US Crude Oil stocks change -2.279 ml previous
distillate change -1.568 ml previous
imports change +1.04 ml previous