The American Petroleum Institute (API) reported a surprise draw in inventories yesterday, helping WTI regain some poise. Prices are still trading below the inverse head-and-shoulders neckline. So bulls are not out of the woods yet. WTI crude oil is currently trading at $56 per barrel, having picked up a bid at a low of $55.05 yesterday, possibly due to an upbeat US inventory report. The American Petroleum Institute (API) reported a surprise draw in crude oil inventory of 4.2 million barrels for the week ending February 22, as opposed to the consensus estimate of 2.842 million barrels. The surprise draw saved the day for bulls, as prices looked set for a deeper drop following Monday’s 3 percent drop, which invalidated the inverse head-and-shoulders breakout confirmed on Feb. 20. That said, WTI is not out of the woods yet, as prices are still trading below the inverse head-and-shoulders neckline of $56.19. Further, a break above $57.79 (Feb. 22 high) is needed to revive the bullish outlook. That breakout may happen if the US weekly inventory report shows a big draw in inventories and the risk appetite improves. 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 Ripple’s XRP Price analysis: The tug of war continues following the rejection at $0.35 FX Street 4 years The American Petroleum Institute (API) reported a surprise draw in inventories yesterday, helping WTI regain some poise. Prices are still trading below the inverse head-and-shoulders neckline. So bulls are not out of the woods yet. WTI crude oil is currently trading at $56 per barrel, having picked up a bid at a low of $55.05 yesterday, possibly due to an upbeat US inventory report. The American Petroleum Institute (API) reported a surprise draw in crude oil inventory of 4.2 million barrels for the week ending February 22, as opposed to the consensus estimate of 2.842 million barrels.… 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.
