{"id":93869,"date":"2016-08-04T07:10:56","date_gmt":"2016-08-04T11:10:56","guid":{"rendered":"http:\/\/countingpips.com\/?p=93869"},"modified":"2016-08-04T07:10:56","modified_gmt":"2016-08-04T11:10:56","slug":"downtrend-on-the-crude-market-still-continuing","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2016\/08\/downtrend-on-the-crude-market-still-continuing\/","title":{"rendered":"Downtrend on the crude market still continuing"},"content":{"rendered":"
August 4, 2016<\/div>
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By Natalia Milchakova, Alpari<\/b><\/p>\n

Last week the downtrend on the crude oil market was continuing. The prices of WTI futures dropped 5% to $39.69\/bbl. On July, 21, the price of WTI was remaining at its weekly high, but in early August it dropped to its weekly bottom of $41.91. The price is fluctuating near its important support level of $40\/bbl; however, if the price breaks this level, it would go down to $35\/bbl.<\/p>\n

The price of Brent crude lost 3% last week and reached $41.91\/bbl. The attempt of a correction of the downtrend, made on July, 29, failed, and the price went down to its support level of $41\/bbl. We still consider the range of $41-42\/bbl as a support level for Brent.<\/p>\n

Commercial oil stocks in the US decreased by 1.67m bbl, while the market expected a decrease of 2.26m bbl. Baker Hughes reported that the number of active drilling rigs rose only by 3 units. We believe that this data had a negative impact on the crude oil prices along with the uncertainty about the hike of the interest rate in the US.<\/p>\n

We expect the prices of Brent and WTI at the next week at the range of 38-43 bbl.<\/p>\n

Article submitted by Alpari.com<\/a><\/p>

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By Natalia Milchakova, Alpari Last week the downtrend on the crude oil market was continuing. The prices of WTI futures dropped 5% to $39.69\/bbl. On July, 21, the price of WTI was remaining at its weekly high, but in early August it dropped to its weekly bottom of $41.91. The price is fluctuating near its […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-93869","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/93869","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=93869"}],"version-history":[{"count":3,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/93869\/revisions"}],"predecessor-version":[{"id":93888,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/93869\/revisions\/93888"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=93869"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=93869"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=93869"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}