Crude Oil Trade Bearish Ahead of EIA Reports - Forex News by FX Leaders

Crude Oil Trade Bearish Ahead of EIA Reports

Posted Wednesday, January 31, 2018 by
Arslan Butt • 1 min read

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!

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