OIL Forex Analysis for Today, Friday (31-05-2024)

OIL Forex Analysis for Today, Friday (31-05-2024)

OIL Drops Again! Look for Sell Opportunities If Support Breaks

Analysis of CLSK
Rising Inventories, Falling Demand
US fuel inventories increased by two million barrels last week, while demand decreased by 166,000 barrels per day according to data from the Energy Information Administration.

Sell If Support Breaks

Crude oil prices continued to weaken after breaking support yesterday. Sell opportunities can be sought again if the current support area breaks.

Forecast: WEAK OIL

Resistance Levels:

  • R1: 78.26
  • R2: 77.46
  • R3: 78.48
  • R4: 78.99

Support Levels:

  • S1: 77.46
  • S2: 78.26
  • S3: 77.12
  • S4: 76.62

Disclaimer: This publication of analysis is a form of marketing communication and does not represent any research or investment advice whatsoever. The content contained therein reflects the general views of our experts and is not related to the personal conditions, investment experiences, or financial situations of the readers. This analysis is also not intended to promote any independent investment body, and Exness is not obliged to prohibit any transactions before the release of the analysis. Readers should be cautious about the potential for losses that may occur. Exness South africa is not responsible for any losses that may arise from the use of this analysis.

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