Fellas, it's EIA inventories day and the muted Crude Oil can offer us some breakout opportunities on release. This is how we can trade the Oil today!

WTI Crude Oil – Fundamentals Analysis

Earlier, the Crude Oil lifted by a decline in the U.S. crude inventories. The investors are also concerned about the tensions in the Middle East as these could disrupt supplies.

The API (American Petroleum Institute) reported a drop in inventories by 7.1 million barrels in the last week. The drop was highly unexpected and caused a major bullish wave in the Oil.

EIA Weekly Crude Oil Stock    

Likewise, the EIA (Energy Information Administration) will be releasing the Crude Oil inventories report today at 14:30 (GMT). It's expected to show a draw of -4.7M barrels which are quite likely. The reason is demand for Chinese markets should be back in the previous week and the impact of Hurricane is almost over.

Crude Oil – 4 – Hour Chart – Sideways Range 

Crude Oil – Trading Plan

Today, the $52.75 is a very solid level for Crude Oil. Above this, it will be nice to stay bullish until $53.45. Whereas below $52.75 the Oil is likely to stay bearish until $51.50. Now the ball is in the pocket of EIA inventories as the Oil will determine it's further trend after the news. Good luck!