- WTI slid below the rising support line following the American Petroleum Institute larger than expected build and headlines surrounding Venezuela.
- WTI is currently trading at $63.41, trading in a tight early Asina rage of between $63.32 and $63.44.
WTI had caught a bid overnight, but has been sluggish in conviction and has subsequently lost its footing following the American Petroleum Institute reporting late on Tuesday that U.S. crude supplies rose by 6.8 million barrels for the week ended April 26, according to sources.
- There was a stockpile fall of 1.1 million barrels for gasoline
- Distillate stockpiles fell by 2.1 million barrels.
Traders will now await the inventory data from the Energy Information Administration will be released later today in the U.S. session which is expected to show crude supplies climbed by 1.4 million barrels last week, according to a survey of analysts conducted by S&P Global Platts.
- Maduro has “defeated” Guaidó and his supporters - The Guardian / AP
-
US claims Russia talked Maduro out of leaving Venezuela - The Guardian / CNN
WT levels
WTI is back below the rising support and on a subsequent follow through to the downside, the next stop would target the 200-D SMA and 50-D SMA converging just below 60.80. However, should bulls commit to the black gold sending it back within the rising wedge and above 64.80, then the case for a test of 69.50 and the 70 psychological level remains on the cards with price now back above the 61.8% Fibo of Oct-Dec 2018 range at 63.70.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD stuck around 1.0500 as investors await fresh catalysts
EUR/USD seesaws around the 1.0500 level, unable to find a clear directional path. EU PMI data came in better than expected but still indicate contraction in the Union. United States PMIs show a steeper contraction in the manufacturing sector yet upbeat services output in December.
Gold stuck around $2,650 ahead of fresh clues
Gold opens the week on a moderately positive tone and trades above $2,650, favored by a mild US Dollar (USD) reversal amid lower US Treasury yields. The precious metal, however, is still close to recent lows following a 2.5% sell-off late last week.
Crypto Today: MicroStrategy drives BTC to $107K as Fed cut hype sparks Ondo, Chainlink rallies
The global crypto market snapped out of a tepid start to the month after hotter-than-expected consumer inflation data sparked hopes of a third consecutive US Fed rate cut.
Five fundamentals for the week: Fed dominates the last full and busy trading week of the year Premium
Christmas is coming – but there's a high likelihood of wild price action before the holiday season begins. Central banks take center stage, and there is enough data to keep traders busy outside these critical decisions.
Five fundamentals for the week: Fed dominates the last full and busy trading week of the year Premium
Christmas is coming – but there's a high likelihood of wild price action before the holiday season begins. Central banks take center stage, and there is enough data to keep traders busy outside these critical decisions.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.