Crude oil going nowhere, can API report help it? - Forex News by FX Leaders

Crude oil going nowhere, can API report help it?

Posted Tuesday, September 4, 2018 by
Arslan Butt • 1 min read

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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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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