Crude Oil Trade Bearish Ahead of EIA Reports

WTI Crude Oil continues to trade bearish amid sentiments that weekly stockpiles data due later today will show an uptick. ..


WTI Crude Oil continues to trade bearish amid sentiments that weekly stockpiles data due later today will show an uptick. Let’s find out how the stockpile date can impact  Crude Oil today…

 

API Inventories Report

Yesterday, the bearish moves in the Crude Oil came in response to the API (American Petroleum Institute) stockpiles report. According to them, the crude oil inventories reported a build of 3.229M. It seems like the OPEC lead production cuts are not supporting much.

 

EIA Crude Oil Inventories

For now, the Crude Oil is consolidating above $64 (GMT) and next moment is expected at 15:30 (GMT) as EIA will be releasing stockpiles report. It’s expected to show a build of 0.1M vs. -1.1M in the last week.

Support     Resistance 

63.12          64.95

62.48          66.14

61.29          66.78

Key Trading Level:    64.31

 

WTI Crude Oil – Trading Plan

The idea is to stay bearish below $64.35 with a stop above $64.50 and a take profit of $63.35. Whereas, above $64.40 the Oil has a potential to go after $64.75.  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.

Related Articles

Comments

0 0 votes
Article Rating
Subscribe
Notify of
0 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments

HFM

Doo Prime

XM

Best Forex Brokers