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

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.

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!