Good afternoon, folks. WTI Crude Oil is still supported by the OPEC-led production cuts and strong global demand. If you are looking to trade in Crude Oil, you should consider these two factors.

EIA Inventories Report

The Energy Information Administration will release inventory at 15:30 (GMT). The inventories are expected to show a draw of -1M barrels. EIA reported a draw of -6.9M in the last week. Comparatively, a 1M draw is way less than the previous figure and Crude may not get bullish over this.

Ascending Triangle Pattern

Technically, the Oil is trading in a bullish mode. You can see on the hourly chart below, the Oil is trading above the 50- periods EMA which is providing a solid support at $64.25. Besides this, Crude has also formed ascending triangle patterns and typically this type of triangle breaks on a bullish side.

WTI Crude Oil – Hourly Chart ​

Support     Resistance

63.8           64.96

63.17         65.49

62.64         66.12

Key Trading Level:    64.33