A Quick Update On WTI Crude Oil – Potential Trade Ahead!

Crude Oil isn’t the most focused commodity today as the market is talking about Federal Reserve, Gold, and the Dollar. I mean that’s good for us, as meantime, the Crude Oil is forming a trading range. If you are thinking of trading the breakout, then you are on the right track.

EIA Weekly Crude Oil Stock

Oil prices were roughly flat yesterday as the industry data showed a larger-than-expected drawdown in U.S. crude stockpiles. The draw was -5.1M vs. -3.6M in the previous week. However, the Crude Oil didn’t bother to move on the EIA report.

Earlier, the WTI Crude Oil traded bullish due to the shutdown of the Forties North Sea pipeline. The significant amount of supply from a market is already tightening due to OPEC-led production cuts.

Crude Oil – 4 – Hour Chart

For now, the Retail Sales m/m from the world’s top Oil consumer United States will be important for a potential breakout. The current range is $56.50 – $56.85.

WTI Crude Oil – Trading Plan

Traders, I’m going to enter a sell position below 56.50 with a stop above 56.70 and take profit at $56.10. Whereas, buying is preferred above $56.65. Good luck!

ABOUT THE AUTHOR See More

Arslan Butt

Index & Commodity Analyst

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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