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live commentary Post
Back to Live CommentaryOil price rallies on Saudi Oil Minister’s comments, inventory drawdown
By TradeRadius | Wed, 24 May 2023 13:17:18 UTC
Oil price trades roughly a percentage point higher on Wednesday after data from the US showed a dramatic fall in Oil inventories, indicating rising demand. The Oil price was given a further lift after the Saudi Oil Minister warned Oil short-sellers to “watch out” ahead of the OPEC+ meeting on June 4.
At the time of writing, WTI Oil is trading around $74 and Brent Crude Oil in the upper $77s. A bullish right-angled triangle has completed on the 4-hour chart, posing a challenge to the overall bear trend.
Oil news and market movers
Crude Oil Technical Analysis: Bullish triangle in downtrend
WTI Oil is in a long-term downtrend from a technical perspective, making successive lower lows. Given the old adage that the trend is your friend, this favors short positions over long positions. WTI Oil is trading below all the major daily Simple Moving Averages (SMA) and all the weekly SMAs except the 200-week which is at $66.89.
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