WTI Crude Oil Gains Support Amid Rising Inventories & Trade Fears
WTI crude oil prices rose, rebounding from a US crude oil inventories build and as uncertainties rose between the United States and China trade progress that pushed the WTI oil down more than 1% in the previous trading hours.
[[WTI]] Crude Oil prices were down more than 1% overnight, continuing Wednesday’s 1.6% drop mainly due to the EIA report on Wednesday which revealed that US crude inventories rose by 5.7 million barrels for the week ended October 25. The market was looking for an increase of about 494,000 barrels.
A report came that Chinese officials were spreading uncertainties regarding the trade deal between the United States and China, sent the oil market lower. Another report came that China could hold off on signing a comprehensive trade deal, in part because its leaders don’t trust US President Donald Trump’s unpredictable nature.
Whereas, the United States President Donald Trump tweeted that the United States and China are looking for a new meeting place for the singing of phase one trade deal after Chile canceled a summit planned for November.
Daily Support and Resistance
S3 50.82
S2 52.66
S1 53.41
Pivot Point 54.51
R1 55.26
R2 56.36
R3 58.2
WTI Crude Oil – Forex Trading Signal
Crude oil is facing strong support above the bearish channel, which is likely to push prices higher above 54. On the upper side, the immediate target is expected to be found around 54.80 today. Let’s take a buy position above 54.20.
Good luck!
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