WTI Crude Oil Updates
12 Oct - WTI Crude awaiting Thursday Data for Direction
InvestorsDoctor
Publish date: Thu, 12 Oct 2017, 03:44 PM
InvestorsDoctor
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Crude Oil Nov 17
Yesterday Close: 51.30 +0.38
Yesterday, OPEC report forecast higher demand for its oil in 2018 and along with other producers including Russia, agreed to cut output by 1.8 million barrels per day (bpd) through March 2018 to balance the market, therefore, oil price reacted positively with higher high breakup, price hit 51.42 and retrace after API show weekly oil inventory at 3.097m, higher than forecast -0.4m.
Hourly chart show oil price break 51.22 previous high and retrace from 51.42 which is 38.2% Fibo level. Price making higher high & higher low, market is still bullish but now in sideway, trader can wait for breakout for entry.
This week factors to watch:
1. IEA monthly report, 5PM, Thursday, 12 Oct
2. EIA weekly inventory, 11PM, Thursday, 12 Oct
Price Level to monitor today:
Support: 50.61 Resistance 51.42
WTI Oil Margin Requirement (per lot)
WTI Crude : USD 2640
Mini Crude : USD 1320
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