Crude Oil Price News and Forecast: WTI pares back gains amid bearish IEA report, mixed market mood
|WTI drops back below $58 post-IEA report
WTI (oil futures on NYMEX) reverses the intraday gains and trades modestly flat in the European trading, having met fresh supply in the last hour after the bearish monthly oil market report from the International Energy Agency (IEA) hit the investors’ sentiment.
WTI Oil Outlook: Bears are on hold but recovery attempts lack momentum for stronger advance
WTI oil price bounced on Thursday after triple failure to clear 200DMA ($57.70) support.
}Initial reversal signal is forming on daily chart after price action in past two days ended in Doji candles and subsequent advance.
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