55 Pips Closed On WTI Crude Oil While Traders Awaits EIA Report! - Forex News by FX Leaders

55 Pips Closed On WTI Crude Oil While Traders Awaits EIA Report!

Posted Wednesday, April 11, 2018 by
Arslan Butt • 1 min read

Yesterday, Crude Oil soared to a multi-week high as the markets have been tense regarding escalating tensions in the Middle East. Moreover, the API report fueled the bullishness of Crude Oil. For now, investors are focusing on the EIA report which is due to release during the New York session today.

API Inventories Report

One of the major reasons for the bullish moves in Crude Oil is the stockpiles report from API (American Petroleum Institute). As per their report, the crude oil inventories reported a drawdown of -189K. Perhaps, investors have increased Crude Oil demand over the uncertainty. In response to a suspected poison gas attack, the United States and its associates are considering air strikes against Syrian President Bashar al-Assad’s forces.  

EIA Crude Oil Inventories

Now, Crude Oil is consolidating near $65.25 and the next big moment is expected at 14:30 (GMT) as EIA will be releasing stockpiles report. It’s expected to show a drawdown of -0.6M vs. -4.6M in the last week.

WTI Crude Oil - 4 Hour Chart

WTI Crude Oil – 4 Hour Chart

WTI Crude Oil – Trading Plan

Fellas, Crude Oil was struggling to break below $65.25 and also formed a Doji candle on the 4-hour chart. Therefore, closing earlier profits was a good idea. Now, I will wait for the EIA report before placing another position. Keep an eye on $65.23 as above this, there might be a bullish reversal. On the other hand, I will take another sell on the breakage of $65.20. Good luck!

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About the author

Arslan Butt // Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
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