Crude Oil Trades The Range – API Report Up Next!
The WTI crude oil continues to drop amid a plunge in financial markets last week and dollar strength early this week underscored concerns that growth may be slowing, especially in Asia’s emerging economies.
Crude oil came under selling pressure after the American Petroleum Institute (API) report pointed to oil inventories rising by 9.8M barrels last week. Markets are also being dragged lower by anxieties over curbing economic growth because of the trade dispute that is still ramping up between the United States and China.
API Weekly Crude Oil Stock
I will be monitoring the API report at 16:30 (GMT). Economists forecast isn’t given yet, however, a higher than 5M build in inventories is very likely to very likely to cause a dramatic dip in the market.
Crude Oil Trading Plan
The WTI is likely to stay bearish below $67.25 to target $66. While the bearish breakout of 66 can lead the prices towards $64.85.
Good luck!
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