WTI Crude Oil Prices Drop More Than 3% Overnight - Forex News by FX Leaders

WTI Crude Oil Prices Drop More Than 3% Overnight

Posted Wednesday, July 17, 2019 by
Arslan Butt • 1 min read

During the Asian session, WTI crude oil prices were mostly flat today due to falling more than 3% late-night after news that US President Donald Trump was considering talks with Tehran. The US crude oil futures last traded at $57.64, adding 0.03%. However, prices improved during the European session as oil regained little ground lost in the previous session, pressed lower by industry figures suggesting that US crude inventories declined less than forecast.

Oil prices also slipped after the US Secretary of State Mike Pompeo remarked that it’s the very first time that the Iranian official is ready to negotiate on the missile plan.

Technically crude oil has violated the ascending triangle pattern which was supporting oil prices at $59. The bearish marubozu candle on the 4-hour timeframe is also suggesting a strong bearish bias.

Oil prices are already below 50 and 100 periods EMA which are extending resistance at $59. It may find support around $57.20 and $56.

Support Resistance
56.46 59.44
55.33 61.29
52.35 64.27
Key Trading Level: 58.31

Today, the idea is to stay bearish under $58.35/45 with a stop loss over $58.75 and take profit around $57.20 and $56.

Good luck!

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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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