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  • WTI drops on API data, extending the recently formed bearish trend. 
  • Technically, the price is deteriorating on a daily outlook. 

The price of oil has fallen in recent trade as the recent inventory data shows a build on stockpiles, weighing on WTI.

At the time of writing, WTI is trading at $38.97 and is down 1%, falling from a high of $39.81 to a low of $38.53 ahead of the close. 

API data

  • Crude +4.577M.
  • Cushing +0.136M.
  • Gasoline +2.252M.
  • Distillate -5.333M.

The official data follows on Wednesday morning (US time). 

WTI technical analysis

Meanwhile, as per earlier analysis:

 

  • WTI offers a discount to the bears from a strong resistance confluence zone

The price is moving in accordance with the daily outlook as follows:

4-hour chart

From a 4-hour perspective, the price might be expected to consolidate for a period at this current level of the structure prior to extending lower.