PU Prime App

Exclusive deals on mobile

  • Market Insights

9 May 2024,02:25

Market InsightsTrade Of The Day

Crude Oil Gains Following US Crude Inventories Fell

9 May 2024, 02:25

Share on:

Fundamental Analysis

* Surprise Draw: The price of the US crude benchmark WTI, has regain some ground and rebound from losses following an unexpected drop in U.S crude storage. According to the Energy Information Administration (EIA) report on Wednesday, crude inventories for the week ending May 3 fell by 1.4 million barrels to 459.5 million barrels, compared to the previous week’s build of 7.3 million barrels. Market expectations aligned with a projected decrease of 1.4 million barrels. Additionally, rising speculation of a year-end interest rate cut by the U.S. central bank, fueled by weaker-than-anticipated U.S. jobs data, has also propelled oil prices. Lower interest rates tend to stimulate spending on crude oil.

Technical Analysis

* Technical Breakout: Crude oil price was traded higher following prior rebound from the support level 77.90. MACD which illustrate ongoing bullish momentum signal suggest the commodity to further extend its gains.

* Resistance and Targets: If the bullish momentum persists, there’s a strong likelihood that the price will potentially head towards 80.80. Conversely, a potential correction is also to be expected and the price could head back towards the level 77.90

Understand how technical analysis can help you in this trading opportunity.

Potential Risks

Moving ahead, attention will shift towards forthcoming trade figures from China to gauge demand in the world’s largest crude importer. Traders are concerned that any further weakness in the Chinese economy could dampen its appetite for crude. Meanwhile, focus also remains on the possibility of a ceasefire between Israel and Hamas, particularly as the U.S. intensifies efforts to broker an agreement. The Biden Administration has halted weapon shipments to Israel in response to its actions in Rafah.

Know how to manage trading risks with risk management strategies.


Stay updated on global economy, Middle East tension and any shifts in the US Dollar’s strength by following PU Prime’s market insights and daily financial news.

Grab the trading opportunity and dive into the action risk-free with a free demo account. It is the perfect way to hone your skills and explore the exciting world of trading!

Open Your Free Demo Account And Start Trading Risk-Free

Join Now

Disclaimer: Trading derivatives involves high risks, and market conditions can change rapidly. The content is for informational purposes only and should not be considered as financial advice. Traders should conduct their own research and consider risk management strategies.

Start trading with an edge today

Trade forex, indices, metal, and more at industry-low spreads and lightning-fast execution.

  • Start trading with deposits as low as $50 on our standard accounts.
  • Get access to 24/7 support.
  • Access hundreds of instruments, free educational tools, and some of the best promotions around.
Join Now

Latest Posts

Fast And Easy Account Opening

Create Live Account
  • 1


    Sign up for a PU Prime Live Account with our hassle-free process.

  • 2


    Effortlessly fund your account with a wide range of channels and accepted currencies.

  • 3

    Start Trading

    Access hundreds of instruments under market-leading trading conditions.

Please note the Website is intended for individuals residing in jurisdictions where accessing the Website is permitted by law.

Please note that PU Prime and its affiliated entities are neither established nor operating in your home jurisdiction.

By clicking the "Acknowledge" button, you confirm that you are entering this website solely based on your initiative and not as a result of any specific marketing outreach. You wish to obtain information from this website which is provided on reverse solicitation in accordance with the laws of your home jurisdiction.

Thank You for Your Acknowledgement!

Ten en cuenta que el sitio web está destinado a personas que residen en jurisdicciones donde el acceso al sitio web está permitido por la ley.

Ten en cuenta que PU Prime y sus entidades afiliadas no están establecidas ni operan en tu jurisdicción de origen.

Al hacer clic en el botón "Aceptar", confirmas que estás ingresando a este sitio web por tu propia iniciativa y no como resultado de ningún esfuerzo de marketing específico. Deseas obtener información de este sitio web que se proporciona mediante solicitud inversa de acuerdo con las leyes de tu jurisdicción de origen.

Thank You for Your Acknowledgement!