WTI has recovered from overnight lows and currently trades around key SMA hurdle. Sustained risk-on may bode well for the black gold. Big gains, however, may remain elusive, due to bearish US oil inventory report. West Texas Intermediate (WTI) crude has bounced up to a simple moving average (SMA) hurdle in Asia. However, the bulls may have a tough time engineering a move to fresh multi-month highs above $41.63 due to the bearish U.S. inventory report released by the American Petroleum Institute (API) on Tuesday. At press time, the black gold is trading largely unchanged on the day near $40.40 per barrel, having put in a low of $39.86 during the overnight trade. The 100-hour simple moving average hurdle is currently located at $40.34. The recovery may be extended if the global equity markets chalk out gains, keeping the safe-haven US dollar under pressure. At press time, the futures tied to the S&P 500 are reporting 0.10% gains. That said, a sustained move above the 3-½ month high of $41.63 reached on Tuesday may remain elusive as the API, on Tuesday, reported a bigger-than-expected build. Crude inventories in the US increased by 3.857 million barrels last week compared to the consensus estimate of 299,000 barrels. Inventories rose despite the sharp decline in the oil output in the US and are suggestive of weak demand/economy. Oil production in the US fell to 10.5 million barrels per day in the week ended June 12 from 13.1 million barrels per day on March 13, according to the Energy Information Administration. As such, one may question the sustainability of the price bounce seen during Wednesday’s Asian trading hours. Technical levels FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next S&P 500: Futures print mild gains near 3,120 amid cautious optimism FX Street 2 years WTI has recovered from overnight lows and currently trades around key SMA hurdle. Sustained risk-on may bode well for the black gold. Big gains, however, may remain elusive, due to bearish US oil inventory report. West Texas Intermediate (WTI) crude has bounced up to a simple moving average (SMA) hurdle in Asia. However, the bulls may have a tough time engineering a move to fresh multi-month highs above $41.63 due to the bearish U.S. inventory report released by the American Petroleum Institute (API) on Tuesday. At press time, the black gold is trading largely unchanged on the day near $40.40 per… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.