WTI falls 1.2% on inventory data
|- WTI drops on API data, extending the recently formed bearish trend.
- Technically, the price is deteriorating on a daily outlook.
The price of oil has fallen in recent trade as the recent inventory data shows a build on stockpiles, weighing on WTI.
At the time of writing, WTI is trading at $38.97 and is down 1%, falling from a high of $39.81 to a low of $38.53 ahead of the close.
API data
- Crude +4.577M.
- Cushing +0.136M.
- Gasoline +2.252M.
- Distillate -5.333M.
The official data follows on Wednesday morning (US time).
WTI technical analysis
Meanwhile, as per earlier analysis:
The price is moving in accordance with the daily outlook as follows:
4-hour chart
From a 4-hour perspective, the price might be expected to consolidate for a period at this current level of the structure prior to extending lower.
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