Oil price modestly down as US Dollar strengthens, Crude Oil stocks rise

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Oil price modestly down as US Dollar strengthens, Crude Oil stocks rise Oil WTI Brent Technical Analysis Fundamental Analysis

from the Energy Information Administration showed a larger-than-expected rise in inventories.

Uncertainty over US debt-ceiling talks is a win-win for the US Dollar because of its safe-haven status. Growing fears are thus supportive – as is optimism for a resolution, which would provide more proxy stimulus for the economy, raising US Treasury yields in the process, making further rate hikes more likely and thus supporting USD.

Despite the dominant downtrend, there are signs that it might be reaching a conclusion. There is mild bullish convergence between price and the Relative Strength Index at the March and May 2023 lows, with price making a lower low in May that is not matched by a lower low in RSI. This is a sign bearish pressure is easing. pattern that formed at the May 4 lows is a further sign this may have been a key strategic bottom.

 

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