Long list of oil support: risk on, technical, inventory, Mid East, China, restocking

A note from ANZ outlines a number of factors supporting the price, which inched a little higher on Thursday:

  • risk on tone
  • technicals
    • 100-day moving average helped stem the flow of selling in WTI, nine-day relative strength index also showing the recent selloff was overdone
  • sentiment buoyed by this week’s US inventory report, stockpiles fell according to EIA data
  • ongoing tensions in the Middle East
  • China’s crude oil imports rose 5.5% y/y on strong gains in road and air traffic
  • Restocking ahead of the northern summer driving season and increased export quota for oil products

I stuck those indies on the chart, you can do the same here:

This article was written by Eamonn Sheridan at www.forexlive.com. Source