Oil price falls, on Biden's release of 50 million barrels from SPR
Oil prices fell on Tuesday, after President Joe Biden announced the release of 50 million barrels of oil from strategic petroleum reserves (SPR) stockpile.
WTI futures contracts for January delivery fell $1.38 lower from Monday night's close at $75.38 a barrel immediately following news of the SPR release. Brent crude contracts for January delivery fell $1.02 to a two-month low of $78.74 per barrel.
Last week, U.S. oil prices fell to a six-week low, following reports that Biden had asked other major world leaders to authorize the release of their own reserves to increase global oil supplies and therefore offset the price impact from OPEC’s oil production cuts.
The SPR, established after the oil crisis of the 1970s, consists of oil is stored in underground salt caverns in Texas and Louisiana. This is an emergency reserve, and the caverns currently hold more than 600 million barrels of oil.
BNO's RSI Oscillator recovers from overbought zone
The 10-day RSI Oscillator for BNO moved out of overbought territory on June 23, 2025. This could be a sign that the stock is shifting from an upward trend to a downward trend. Traders may want to look at selling the stock or buying put options. Tickeron's A.I.dvisor looked at 43 instances where the indicator moved out of the overbought zone. In of the 43 cases the stock moved lower in the days that followed. This puts the odds of a move down at .
Technical Analysis (Indicators)
Bearish Trend Analysis
The Stochastic Oscillator demonstrated that the ticker has stayed in the overbought zone for 3 days. The longer the ticker stays in the overbought zone, the sooner a price pull-back is expected.
The Moving Average Convergence Divergence Histogram (MACD) for BNO turned negative on June 25, 2025. This could be a sign that the stock is set to turn lower in the coming weeks. Traders may want to sell the stock or buy put options. Tickeron's A.I.dvisor looked at 51 similar instances when the indicator turned negative. In of the 51 cases the stock turned lower in the days that followed. This puts the odds of success at .
Following a 3-day decline, the stock is projected to fall further. Considering past instances where BNO declined for three days, the price rose further in of 62 cases within the following month. The odds of a continued downward trend are .
BNO broke above its upper Bollinger Band on June 17, 2025. This could be a sign that the stock is set to drop as the stock moves back below the upper band and toward the middle band. You may want to consider selling the stock or exploring put options.
Bullish Trend Analysis
The Momentum Indicator moved above the 0 level on July 08, 2025. You may want to consider a long position or call options on BNO as a result. In of 93 past instances where the momentum indicator moved above 0, the stock continued to climb. The odds of a continued upward trend are .
The 10-day moving average for BNO crossed bullishly above the 50-day moving average on June 06, 2025. This indicates that the trend has shifted higher and could be considered a buy signal. In of 16 past instances when the 10-day crossed above the 50-day, the stock continued to move higher over the following month. The odds of a continued upward trend are .
Following a 3-day Advance, the price is estimated to grow further. Considering data from situations where BNO advanced for three days, in of 335 cases, the price rose further within the following month. The odds of a continued upward trend are .
The Aroon Indicator entered an Uptrend today. In of 299 cases where BNO Aroon's Indicator entered an Uptrend, the price rose further within the following month. The odds of a continued Uptrend are .
Industry description
Advertisement
General Information
Category CommoditiesBroadBasket
Advertisement