{"id":9396,"date":"2010-05-13T08:16:55","date_gmt":"2010-05-13T12:16:55","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=9396"},"modified":"2010-05-13T08:16:55","modified_gmt":"2010-05-13T12:16:55","slug":"spot-crude-oil-prices-test-support-level-after-rising-inventories","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/05\/13\/spot-crude-oil-prices-test-support-level-after-rising-inventories\/","title":{"rendered":"Spot Crude Oil Prices Test Support Level After Rising Inventories"},"content":{"rendered":"<p><strong>By Russell Glaser<\/strong> &#8211; Yesterday the U.S. Energy Administration reported the fourth  consecutive weekly rise in U.S. crude oil inventories. This helped drive  spot crude oil prices lower towards their short term support levels.<\/p>\n<p>The price of spot crude oil closed lower  at $75.12 after it reached a low of $74.75 but then bounced off the  support level before the day\u2019s end.<\/p>\n<p>The weekly crude oil inventory report showed a record 37M barrels of  crude held in the Cushing Oklahoma storage facility. Crude oil stocks  rose by 1.9M barrels from the previous week for the fourth consecutive  weekly increase. Market expectations were for an increase of only 1M  barrels.<\/p>\n<p>The 37M barrels of crude oil is an abnormally high amount of crude  held in storage and shows just how oversupplied the market is for the  raw commodity. Combined with the constant additional weekly additions,  it becomes apparent that the fundamentals for crude oil have not yet  shifted. Despite an increase in economic activity and refineries\u2019  attempts to cut production, demand still has not been able to soak up  the remaining slack in the crude oil markets.<\/p>\n<p>As such, spot crude oil trading continues to suffer, with prices  falling towards a 12-week low to the short term support level at $74.75.  The next long term support level rests at $68.75.<\/p>\n<p><strong><em>Forex Market    Analysis<\/em> provided by\u00a0<a href=\"http:\/\/www.forexyard.com\/?zone_id=1398\" target=\"_blank\">Forex                                    Yard.<\/a><\/strong><\/p>\n<p>\u00a9 2006 by FxYard Ltd<\/p>\n<p>Disclaimer: Trading Foreign Exchange carries a high level of risk and                                    may not be suitable for all  investors.       There    is  a              possibility      that      you   could       sustain a  loss   of  all   of    your          investment and            therefore  you        should   not    invest    money  that   you            cannot afford to         lose. You     should    be      aware of     all       the    risks      associated  with     Foreign       Exchange        trading.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Russell Glaser &#8211; Yesterday the U.S. Energy Administration reported the fourth consecutive weekly rise in U.S. crude oil inventories. This helped drive spot crude oil prices lower towards their short term support levels. The price of spot crude oil closed lower at $75.12 after it reached a low of $74.75 but then bounced off &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.investmacro.com\/fx\/2010\/05\/13\/spot-crude-oil-prices-test-support-level-after-rising-inventories\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Spot Crude Oil Prices Test Support Level After Rising Inventories&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-9396","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/9396","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/comments?post=9396"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/9396\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=9396"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=9396"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=9396"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}