Crude oil stuck in sideways channel – Wait for breakout on EIA!

The crude oil slipped during the Asian session, pulled down by a report of risen U.S. crude inventories. According to the API report, the...


Crude oil slipped during the Asian session, pulled down by a report of rising US crude inventories. According to the API report, the US crude stocks rose by 3.7 million barrels in the week to Aug. 10, to 410.8 million barrels. Can we expect the same from EIA?

Well, we need to wait and watch as economists are expecting a drop of -2.6M inventories last week vs. -1.4M earlier. The data can keep the oil supported until the actual figures are out.

 

WTI Crude Oil - 2 Hour Chart

WTI Crude Oil – 4 Hour Chart

The immediate resistance is likely to be at $68.10 and $68.65. Whereas, the support prevails at $66.55 and $65.70. If you are interested in weekly trading levels, check out our recent update.

For today, taking buying positions only above $66.55 seems to be a good idea.

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.

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