Concerns over lower demand are driving U.S. West Texas Intermediate crude oil futures lower on Thursday. The mechanism behind the selling is a slowing global economy. Lower demand for risk is also helping to speed up the selling. Traders are also responding to negative comments about the trade deal with China by White House economic advisor Larry Kudlow. There is also breaking news that the Trump-Xi meeting is unlikely to take place before the March 1 deadline.
Technical Chart Analysis
According to the analysis, USOil.x pair is expected to find support at 51.76, and a fall through could take it to the next support level of 50.67. The pair is expected to find its first resistance at 54.19, and a rise through could take it to the next resistance level of 55.53.
USOil.x previous day range was 24300 and current day range is 4900.
The Energy Information Administration’s (EIA) Crude Oil Stocks Change Indicator is published weekly. It measures the number of barrels of commercial crude oil held by US companies. It is one of the indicators affecting world oil prices.
Growing crude oil stocks indicate a weaker demand for oil and can have a negative impact on the oil barrel price.