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Oil Is Trading Near a Quarterly Trendline

Olymp Trade

Oil continues to decline, finding local support at $58.6 per barrel. The current zone is located on the uptrend line, which began in August. If bears manage to lower the price below the level of $58.0, then a new wave of sales will begin with a possible target of $54.0 per barrel.

Oil quotes are weakened by poor statistics from the United States. The ISM Manufacturing PMI in September fell to 47.8. The last time such data was published was in the summer of 2009, but in general, a downtrend in the index data has been observed since September, when the 8 year maximum of 60.8 points was recorded.

On Wednesday, data on crude oil inventories in the US will be published. According to a consensus forecast, reserves will grow by 1.567 million barrels, while the American Petroleum Institute (API) published a decrease of 5.920 million barrels.

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Source: https://olymptrade.com/
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