1/6/2018

*WTI Crude Oil Jul 18*

Previous Close: 66.91 +1.17

Crude oil almost erased its previous gains, fell to below 67 as surging US crude production overshadowed a larger than expected decline in US crude inventories. Market also stay cautious ahead of OPEC meeting this month. Watch out for US oil rig count 1am tomorrow.

Daily chart remains in correction stage as technical indicators still more to downside. Hourly chart enters a sideway, wait for more breakout signal.

*Classic Support & Resistance*
Resistance: 69.57 70.80
Support: 66.72 65.80

*Recommend Trading Plan for the day:*
1. Look for sell signal below 66.56.
2. Look for buy signal above 67.30.

*WTI Oil Margin Requirement (per lot)*
WTI Crude : USD 2805
Mini Crude : USD 1402.5

EIA Data





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