Crude prices went down as Saudi Arabia announced it could raise oil production. Today, the market will be focused on data on oil inventories published by the US Department of Energy. Should the news about a possible increase in oil production turn out to be not true, the uptrend will extend.
Technical picture:
The price is below the middle Bollinger band, the SMA 5, and the SMA 14. The Relative Strength Index is below 50, signaling a slowdown in the downtrend. There is the stochastic crossover in the oversold zone.
Daily outlook:
The price may ascend to 118.00 in case of consolidation above 115.55.
