WTI crude oil peaking out of sideways channel – EIA report plays well! - Forex News by FX Leaders
Crude Oil - 4 Hour Chart

WTI crude oil peaking out of sideways channel – EIA report plays well!

Posted Thursday, August 30, 2018 by
Arslan Butt • 1 min read

Earlier today, crude oil prices soared, extending gains on mounting evidence of interruptions to crude supply from Iran and Venezuela and after a drop in U.S. crude inventories. The demand for crude oil got another boost after the EIA (Energy Information Administration) reported a draw -2.6M barrels while the economists only expected a draw of -0.7M barrels.

Crude Oil - 4 Hour  Chart

I was looking at the crude oil chart, and there hasn’t been much movement in the market. The month of Aug is just like that. Anyhow, crude oil has emerged from the narrow trading range of $68-$69.25 to close the number of neutral candles outside the range. This opens a potential for bullish opportunities until $70.35 and $71.20. Stay tuned for updates!

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies

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.
Related Articles

Leave a Reply

Notify of