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Crude Oil Price Selloff May Resume on EIA Inventory Data

Crude Oil Price Selloff May Resume on EIA Inventory Data

Ilya Spivak, Head Strategist, APAC


Crude oil prices paused to digest losses after suffering the longest losing streak on record. The spotlight now turns to EIA inventory flow data, where investors expect to see that stockpiles added 2.91 million barrels last week. An estimate from API called for a far larger 8.79 million barrel inflow. If official data registers closer to that outcome, the selloff may resume.


Meanwhile, gold prices managed an upswing as the US Dollar continued to retrace recent gains while bond yields fell amid risk aversion, buoying the relative appeal of non-interest-bearing and anti-fiat assets. Bellwether S&P 500 futures now point convincingly higher however, hinting at a sentiment recovery that may cap the metal’s rebound as benchmark lending rates recover.

See our guide to learn about the long-term forces driving crude oil prices!


Gold prices bounced to retest support-turned-resistance in the 1211.05-14.30 area. A break above it confirmed on a daily closing basis exposes the 1260.80-66.44 region next. Alternatively, a reversal below trend line support at opens the door for a test of the 1180.86-87.83 zone.

Gold price chart - daily


Crude oil prices paused to digest losses at support in the 54.48-55.21 area after the longest string of consecutive losses on record produced a break of the rising trend established since February 2016, a rapid reversal seemingly confirming earlier signs of long-term topping. From here, a daily close below support exposes the 52.34-83 zone next. Alternatively, a bounce back above trend line support-turned-resistance at 58.71 paves the way to challenge the $60/bbl figure once again.

Crude oil price chart - daily


--- Written by Ilya Spivak, Currency Strategist for

To contact Ilya, use the comments section below or @IlyaSpivak on Twitter

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.