- Looks Vulnerable below $ 69 support.
- EIA data in focus for fresh near-term trading opportunities.
WTI (oil futures on NYMEX) trades back and forth in a tight range so far this Wednesday, as awaiting fresh impetus from the Energy Information Administration (EIA) report on the US crude stockpiles due later at 1430 GMT.
WTI: Focus on EIA crude inventories
The barrel of WTI continues to derive support from the bullish American Petroleum Institute (API) crude inventories report and the re-introduction of the US sanction on Iran, which fuelled supply tightening worries. The API data showed that the US crude inventories fell by 6 million barrels in the week to Aug. 3 to 407.2 million.
More so, a recovery in the Chinese crude oil imports last month combined with persistent broad-based US dollar weakness also buoyed the sentiment around the black gold. However, the bulls lack vigor amid escalating US-China trade tensions, which keeps any upside attempts short-lived.
All eyes remain on the official US fuel inventories data due to be published by the EIA later in the NA session for fresh direction on the prices.
WTI Technical Levels
According to the Swissquote Research Team, “short positions below 69.50 with targets at 68.65 & 68.25 in extension. Above 69.50 look for further upside with 69.90 & 70.45 as targets. The RSI is mixed to bearish.”
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