trading crude oil when a possible reversal is at hand

Crude oil showing signs of a possible reversal, up to $61.48

The uptick comes while some more positive signs for oil are out as data for the United States Crude Oil Inventories released yesterday at 2:30 PM came out at 594,000, beating projections of -2.98 million and showing improvement over the preceding figure of -5.89 million. The United States Initial Jobless Claims came out at 547,000, above the estimate of 617,000. This is also a step forward from the previous data of 586,000.

On the other hand, United States Existing Home Sales published today at 2:00 PM came out at 6.01 million, falling short of the 6.19 million projections and continuing its decline from the previous 6.24 million figure.

While oil is green so far today, these assets are not doing so well- for the first time in 8 weeks, the Euro/Pound rose above the 0.87 level. At the same time, USD/HKD trades around 7.7591, with no major change. The market is looking forward to the United States New Home Sales projected to outperform the last figure with 886,000, while it previously stood at 775,000, data will be released tomorrow at 2:00 PM. <span>Oil social media highlights: </span>

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