US Crude Oil Price is experiencing high volatility the last few days due to the recent geopolitical events and energy crisis.
Yesterday Oil price suffered a huge drop. The US Crude Oil Inventories showed a negative change in the number of barrels stored yesterday following the same pattern as the previous week's figures. This shows that the drop is more likely a short-term psychological response to the news and happenings.
Mar 9, 2022 -1.9M
Mar 2, 2022 -2.6M
Caution should be exercised making sure that the resistance level, 109 USD, actually broke for the price to move upwards.
The Fibo tool here is not accurate cause there was a spike downwards that should not be included in the analysis, Sometimes the CFD price is not accurate and misleads when using the automated fibo tool.
Yesterday Oil price suffered a huge drop. The US Crude Oil Inventories showed a negative change in the number of barrels stored yesterday following the same pattern as the previous week's figures. This shows that the drop is more likely a short-term psychological response to the news and happenings.
Mar 9, 2022 -1.9M
Mar 2, 2022 -2.6M
Caution should be exercised making sure that the resistance level, 109 USD, actually broke for the price to move upwards.
The Fibo tool here is not accurate cause there was a spike downwards that should not be included in the analysis, Sometimes the CFD price is not accurate and misleads when using the automated fibo tool.