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Crude Oil Price, WTI Futures, US Dollar, USDJPY and CPI Review
Crude oil price has surged to levels not witnessed since November of the previous year, even though inventory data reveals a significant increase in stockpiles.
As per the report from the American Petroleum Institute (API), storage witnessed an addition of 4.067 million barrels for the week ending on August 4th.
This follows a substantial decrease of -15.4 million barrels in the preceding week. Investors will closely monitor today’s report from the US Energy Information Agency (IEA) for indications regarding the state of oil reserves.

The WTI futures contract is currently hovering around US$84.50 per barrel, while the Brent contract is oscillating at approximately US$87.50 per barrel.
Energy markets have gained momentum due to the surge in liquefied natural gas prices (LNG), attributed to the possibility of strike action at Woodside Energy Group and Chevron in Australia. These operations in the northwestern region of the continent are significant contributors to global markets.
Currency markets have displayed relatively subdued activity leading up to Thursday, although the Japanese Yen has encountered difficulties once again today. The USD/JPY pair is ascending above 144.00, and EUR/JPY has achieved a new 15-year high above 158.00.

The weakened Yen has impacted Japanese banking stocks negatively. Other Asia-Pacific (APAC) equity markets are exhibiting mixed performance, with the most notable movement seen in Hong Kong’s Hang Seng Index (HSI), which is down by around 1%.
Spot gold is lingering close to overnight lows, currently valued at US$1,916 at the time of this report.
The upcoming focus for the markets will be on the US Consumer Price Index (CPI), and there will also be several Federal Reserve speakers making statements that could potentially lead to market fluctuations.
US Oil Technical Analysis
The price of crude oil successfully surpassed the 83.50 level and concluded the daily candlestick above it. This provides reinforcement for the anticipated bullish trend in the intraday and short-term perspectives. The primary objectives for this trend are the levels of 85.00 and subsequently 86.30.
As a result, we are anticipating further upward movement in the upcoming trading sessions, following the established primary bullish channel evident on the chart. It’s important to note that a breach of the 83.50 level would introduce negative pressure on the price, potentially leading it to test the support line of the mentioned channel around 81.40, before any renewed attempt to resume its upward trajectory.


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