WTI Crude Oil Updates
08 Nov - WTI Trading in Short Term Range awaiting EIA Inventory Tonight
InvestorsDoctor
Publish date: Wed, 08 Nov 2017, 03:07 PM
InvestorsDoctor
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08/11/2017
WTI Crude Oil Dec 17
Previous Close: 57.20 -0.15
Oil prices settled lower yesterday, after API show crude stocks fell less than expected, but tension remains between Saudi Arabia and Iran, and the Saudi crown prince tightened his grip on power. Brazil has rejected an informal effort by Saudi Arabia to coax Latin America's top oil producer into joining OPEC-led production cuts, a Brazilian official said.
Hourly chart show oil price entering overbought correction and technical indicators show declining, signal that oil price may go for further correction, yet overall trend remains bullish.
Price Level to monitor today:
Resistance: 57.69 58
Support: 55.66
Recommended Trading Plan Today:
1. Wait for further entry signal
Data Tonight:
11:30 PM EIA Oil Inventory
WTI Oil Margin Requirement (per lot)
WTI Crude : USD 2475
Mini Crude : USD 1237.50
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