First Silver Network reported on March 24 that latest international oil price trend : On Wednesday (March 23), international crude oil prices closed down $1.66, a drop of 4.0%, at $39.97 per barrel, the largest single-day decline in US oil since February 11. U.S. oil failed to hold the $40 mark, and the latest data released by EIA on Wednesday night showed U.S. crude oil inventories hit a new high for the sixth consecutive week, with traders warning that this could end the two-month rise in the oil market.
Caprock Risk Management analyst Chris Jarvis said the inventory data was not helpful to oil market bulls because the inventory was already at a record high before the release of the report, hitting a new high last week. The oil minister of Nigeria, a member of the Organization of Petroleum Exporting Countries (OPEC), believes that oil prices will stabilize if oil producers reach an agreement on frozen production at the Doha meeting next month.
On Thursday (March 24), from today's international oil price trend , in the four-hour chart, the oil price fell below $40 yesterday, and the middle and lower tracks of the Bollinger Band began to turn downward. If oil prices continue to fall today, crude oil may fall to the lower track and enter a unilateral market. Currently, oil prices are supported by 39.50 points. If they are held below, oil prices may pull back to 40 points during the day. If it falls below support, oil prices look to $39. From the macd, the fast and slow lines are dead crossing downwards, the green momentum remains sufficient, and the market is currently strong.
First Silver Network Market Center shows that as of Thursday (March 24), the international oil price was $39.63 per barrel.
