Oil Price Approaches 2020 High Even as RSI Divergence Takes Shape
2021-02-25 20:30:00
David Song,
Strategist
Oil Price Talking Points
The price of oil trades to a fresh yearly high ($63.79) despite an unexpected rise in US crude inventories, with the technical outlook clouded with mixed signals as the Relative Strength Index (RSI) appears to be diverging with price.
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Oil Price Approaches 2020 High Even as RSI Divergence Takes Shape
The price of oil appears to be on track to test the 2020 high ($65.65) ahead of the Organization of the Petroleum Exporting Countries (OPEC)Joint Ministerial Monitoring Committee (JMMC) meeting on March 3 as it extends the series of higher highs and lows from earlier this week.
(MENAFN - DailyFX) Oil Price Talking Points
The price of oil extends the advance from the previous week as severe weather conditions in Texas force US producers to cut or freeze crude output, and the persistent overbought reading in the Relative Strength Index (RSI) may continue to coincide with higher oil prices like the behavior seen earlier this year. Advertisement Oil Price to Hold Above Pre-Pandemic Levels on Overbought RSI Reading
The price of oil appears to be breaking out of the ascending channel established in November as it climbs to a fresh monthly high ($61.26), and crude may continue to trade above pre-pandemic levels as US inventories are expected to narrow for the fourth consecutive week.
Oil Price to Hold Above Pre-Pandemic Levels on Overbought RSI Reading dailyfx.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from dailyfx.com Daily Mail and Mail on Sunday newspapers.
Oil Price Rally Buoyed by Signs of Stronger Demand and Subdued Supply 2021-02-06 07:00:00 David Song, Strategist
Oil Price Talking Points
The price of oil extends the advance from the monthly low ($51.64) as US crude inventories contract for the second consecutive week, and key market themes may keep oil prices afloat as global production remains subdued.
Fundamental Forecast for Crude Oil: Bullish
The price of oil trades to fresh yearly highs as the decline in US crude inventories boosts the outlook for consumption, and the ongoing efforts by the Organization of the Petroleum Exporting Countries (OPEC) may keep crude prices afloat as Saudi Arabia remains on track to reduce supply by 1 million b/d until April.