Crude Oil Analysis

US Session Analysis for CFD Instruments 20/06/2024

Fundamental analysis

20 June, 2024

Crude Oil is trading today in the European session around the $80 level.

Crude oil prices steadied in European trading on Thursday, impacted by an API forecast of a 2.26 million barrel increase in U.S. crude reserves last week. Despite this, oil prices are up 3.3% for the week and are poised for weekly gains.

Prices have rebounded sharply from a four-month low of $72.45 in early June after OPEC+ extended their production cut deal, though the market viewed the phasing out of voluntary cuts between October 2024 and September 2025 as bearish.

Elsewhere, tensions between Israel and Hezbollah in Lebanon have reignited geopolitical uncertainty over possible supply disruptions in the region.

Technical analysis

Time Frame: 1 hour

CRUDEOIL Support & Resistance Table - 20/06/2024

Support & Resistance	Level	Explanation
Resistance 2	81.78	Daily R2
Resistance 1	81.33	Daily R1
Support 1	80.11	Daily S1
Support 2	79.66	Daily S2

CRUDEOIL Indicator Table - 20/06/2024

Indicator	Signal
SMA 20	Buy
SMA 50	Buy
SMA 100	Buy
MACD( 12;26;9)	Buy
RSI (14)	Buy
Stochastic ( 9;6;3)	Buy

CRUDEOIL Indicator / Period Table - 20/06/2024

Indicator / Period	Day - Buy	Week - Buy	Month - Buy
MACD( 12;26;9)	Buy	Sell	Buy
RSI (14)	Buy	Buy	Buy
SMA 20	Buy	Buy	Buy

CRUDEOIL 20/06/2024 - Reference Price : 80.72

Buy

Simple Moving Average	Buy (3)	Sell (0)
Technical Indicators - Oscillators	Buy (3)	Sell (0)

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