Things to Know About Crude Oil Today
Arslan Butt • 1 min read
What’s up, traders.
Both the Asian & European sessions remained quiet despite the release of UK inflation rate. Apparently, the market participants are hesitant to enter the market ahead of the FOMC Statement and Fed Fund Rate. The figures are due for the US session.
Speaking of crude oil, the black gold is trading slightly bearish around $58.74, down by 0.93% for the day. Overall, the WTI crude oil is supported by ongoing supply cuts led by OPEC. Moreover, the US sanctions against Iran and Venezuela are also underpinning oil prices.
At the moment, crude oil traders are awaiting the Stockpile report from the EIA (Energy Information Administration. Inventories are forecast to rise by 0.5M vs. -3.9M barrels’ draw during the past week.
Crude oil price is steady outside the sideways channel with immediate support around $58. Crude oil can continue trading bullish above this level with an immediate target of around $58.85 and $59.45. On the lower side, oil can stay bearish below $57 and $56.60.