Crude Oil Trades The Range – API Report Up Next!

Posted Tuesday, October 30, 2018 by
Arslan Butt • 1 min read

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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About the author

Arslan Butt is our 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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