First Silver Network reported on May 11th. The latest trend of international crude oil: After opening on Wednesday (May 11th), international crude oil did not continue yesterday's rebound and rise, but after a slight fluctuation around US$44.50, a wave of decline occurred. However, after the oil price fell back to US$44, as it entered the US session, oil prices rebounded again. The rebound this time was relatively large, and there was a trend of breaking through US$45.
In its latest monthly report, the U.S. Energy Information Administration (EIA) raised its U.S. WTI crude oil price forecast in 2017 to $50.65 per barrel, up nearly 25% from previous expectations. EIA also raised its forecast for US crude oil production in 2017 to 8.19 million barrels per day, compared with an expected forecast of 8.04 million barrels per day. However, the U.S. crude oil production in 2016 was unchanged at 8.6 million barrels per day.
Meanwhile, according to information provided by energy consulting firms, Canada's oil-rich Alberta wildfires can reduce crude oil supply by about 1.6 million barrels per day, although firefighters say the low temperature has slowed the extent of the fire. While wildfires in Alberta appear to have begun to fade and are enough to get Canadians to start producing crude again, threats from elsewhere in the world have limited the extent of the crude oil glut.
After the closing of the crude oil market, the American Petroleum Association (API) announced that U.S. crude oil inventories increased by 3.448 million barrels to 543.1 million barrels in the week ending May 6. After the API announced that U.S. crude oil inventories increased by 714,000 barrels by market expectations, crude oil prices shrank significantly in after-hours trading.
Today's international crude oil trend chart, in the four-hour chart, the three tracks of the Bollinger Band continue to maintain a horizontal trend, and oil prices are currently rising and may touch the upper track. Judging from the previous highs, the upper track is around 45.70. 46 is a strong pressure level, and with EIA inventory data tonight, if EIA is favorable to crude oil in the evening, crude oil may impact US$46. On the contrary, if crude oil is negative, crude oil may fall back to $43 or even lower. Judging from the macd indicator, the golden cross of the fast and slow line is rising, the opening is gradually expanding, the red momentum is also continuing to increase, and the bull market is gradually spreading, focusing on the EIA crude oil inventory data at night.
First Silver Network Market Center shows that as of Wednesday (May 11) 20:00, the international crude oil price was US$44.83 per barrel.
