The Brent oil price is trading at 47.05 on Thursday’s Asia session after losing 3.5% on Wednesday’s session.
U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 2.3 million barrels from the previous week.
U.S. crude oil refinery inputs averaged over 16.6 million barrels per day during the week ending August 26, 2016, 64,000 barrels per day less than the previous week’s average.
U.S. crude oil imports averaged over 8.9 million barrels per day last week, up by 275,000 barrels per day from the previous week. Over the last four weeks, crude oil imports averaged over 8.5 million barrels per day, 11.4% above the same four-week period last year.
- The oil prices fell 3% and Brent fell 3.5% on Wednesday’s session.
- The August months ended with strong gains since April
- Brent thrice rejected at 20Msma and Crude oil rejected four times
The Brent oil has support finds at 46.40 100Dema&200Dema, as of now low made at 46.75$ levels. On the four-hour chart, 200sma finds at 46.50 levels. The price is trading below 20Wsma and 50Wsma finds at 43.50. The earlier weekly swing low finds at 45.20 levels. If the price settles below 46.40, further downward retracement would expect to 46.00, 45.75 and 45.30 levels. The selling pressure accelerates 45.30 to 44.00 and 43.50 levels.
Key support levels: 46.50 and 45.20
Alternatively, resistance seems at 47.60, 48.30 and 49.10 levels. The price recorded first lower daily swing since Jan 20th 2016. The daily RSI finds at 47.00.
Key resistance levels: 48.00 and 49.10