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Old 14-08-2015, 06:51
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HiWayFX HiWayFX is offline
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Default -important level of $50 per barrel

Despite the growing USD, Brent crude oil also strengthened today and the price returned to the opening level for the week at $50 per barrel.
Today oil prices received support from the IEA publication, where the agency stated that the prices are growing at their fastest pace for 5 years, after they fell below $50 mark.
Oil prices were also supported by the US EIA release on Wednesday that showed a decrease in crude oil reserves by 1.682 million barrels.
In the medium-term, the main factor affecting the price is going to remain an excess of supply over demand. Oil is going to keep falling and can reach the level of $45 per barrel.
Today, a bunch of news is due from the US, between 3:30 pm and 8 pm (GMT +3), of which the most important is the data on Retail Sales for July.

Support and resistance
The prices is heading towards year lows at 47.00-45.00.
On the 4-hour chart, OsMA and Stochastic give buy signals, but the further growth is restricted by the resistance levels at 50.50, 50.20 (EMA50). On the daily chart, the indicators remain in the neutral zone.
Support levels: 48.10, 47.00, 46.75.
Resistance levels: 50.20, 50.50, 51.70, 52.50, 53.50, 55.00.
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