Oil Price Breaks Out of Descending Channel to Approach August High

oil price breaks out of descending channel to approach august high

Sumary of Oil Price Breaks Out of Descending Channel to Approach August High:

  • Oil Price Talking PointsThe price of oil climbs to a fresh monthly high ($73.14) following a larger-than-expected contraction in US inventories, with crude breaking out of a descending channel as fresh data prints point to limited supply.
  • ”With that said, developments coming out of the US may continue to sway the price of oil as signs of stronger demand are met with limited supply, and the decline from the July high ($76.98) may turn out to be a correction in the broader trend as crude breaks out of the descending channel from earlier this year.
  • Oil Price Daily ChartSource: Trading ViewKeep in mind, the price of oil traded to a fresh yearly high ($76.98) in July as both the 50-Day SMA ($69.65) and 200-Day SMA ($62.51) established a positive slope, and the broader outlook for crude remains constructive as the rally from earlier this year removed the threat of a double-top formation.

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