Crude Oil’s Sideways Channel Remains Intact – EIA Report Ahead
WTI crude oil prices slipped as the American Petroleum Institute (API) said that US crude inventories increased sharply last week. The American Petroleum Institute (API said crude inventories rose by 10.5 million barrels to 432.5 million barrels for the week ended October 11.
The Energy Information Administration (EIA) weekly report is scheduled to release at10:30 AM ET (14:30 GMT). The EIA is expected to report a build of 2.88 million barrels.
While concerns regarding the United States and China trade war intensified and as well as economic indicators delayed, US Treasury Secretary Steven Mnuchin said China and the US are working on the trade deal text for their presidents to sign in November.
The International Monetary Fund said during this week that the United States and China trade war would cut 2019 global growth to its slowest pace since the 2008-2009 financial crisis.
Daily Support and Resistance
S3 50.7
S2 51.92
Pivot Point 53.13
R1 53.66
R2 54.34
R3 55.55
WTI Crude Oil – Forex Trading Signal
Crude oil prices are stuck within a narrow range of 53.7 – 52.50. We may see choppy sessions if prices hold within this range; elsewhere, the violation of support 52.60 can extend bearish rally until 51.24.
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