What's happening in the markets? We've put together some of the most important news and events that may affect your trades in the near term.
Shrinking oil inventories and cooling inflation, how does that impact USOIL?
USOIL experienced a slight uptick, supported by shrinking US stockpiles following a notable 2.5 million barrel decrease in US oil inventories last week, according to the EIA.
Positive market sentiment stemmed from expectations of easing by the Fed amid cooling US inflation, leading to a weaker US dollar and lower oil prices for foreign buyers.
Lingering uncertainties surrounding OPEC+ policy and potential oil supply disruptions from geopolitical tensions and wildfires in Canada could boost USOIL.
From a technical perspective, USOIL is consolidating within the weekly order block.
On the daily timeframe, USOIL is holding above an ascending trend line and support zone at 77.20, where a rebound toward the 83.00 resistance might occur.
Conversely, a bearish breakout of the trend line and 77.20 support could see the price extend its decline to 75.00.
We'll continue to keep you informed about current market trends and the drivers behind them. Stay tuned for more updates in the future.
Warm regards, The Exness Team
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