Oil prices gain after fall in US crude inventories
Oil Inventories is a data that tells investors how much Oil is stockpiled by both Private and Public sectors in the US!
It is generally considered one of the main indicators for the measurement of the supply of Oil!
U.S. West Texas Intermediate (WTI) crude futures were up 26 cents, or 0.4%, at $59.07 a barrel by 0258 GMT. They closed down 0.6% on Wednesday after hitting their lowest since March 12 at $56.88
According to TRADING CENTRAL:
Long positions above 58.70 with targets at 59.85 & 60.30 in extension.
The RSI advocates for further upside.
Another currency with a correlation to the Oil is the GBPCAD, and according to TRADING CENTRAL , it’s also BUY option if above 1.7082.
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