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Crude oil going nowhere, can API report help it?

What’s up, traders.

There hasn’t been much excitement in the market as investors were out due to summer holidays or Labor Day. But things are getting normal and it’s our time to capture some nice trades. Are you up for it?

Speaking of crude oil, it’s consolidating in a tight range of $69.30 – $70.30. We are expecting an API stockpile report on Wednesday at 20:30 (GMT). Recalling the previous release, it just showed a build of 0.038M.

Considering the fact that the US is looking to apply sanctions on Iran, third largest oil producer in OPEC, the sentiments of sanctions are keeping the oil supported.

So I will be looking for bullish positions as WTI is still holding above 50- periods EMA. The violation of $70.35 is likely to get us towards $71.20. While $69.201 will be there to underpin crude oil. All the best!

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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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