API inventories added almost 4 mln barrels, WTI under pressure in Tokyo

API crude inventories rise a further 3.93 million barrels last week.
Oil still under pressure in risk averse markets.

Joshua Gibson FXStreet

Crude oil is trading under pressure in Asia with WTI near 59.00 per barrel.

The API data for WTI crude inventories showed a further 3.94 million barrels' worth expansion of market stock; crude prices initially dropped on reaction, but faded the move quickly to resume trading under heavy pressure in Tokyo markets, with a lack of risk appetite cooling down equities and sending traders looking for safe havens like the Yen.

Crude Oil Technicals

WTI recently bounced from support at 58.50, but that may prove shortlived, as crude continues to buckle under pressure following constant selling, with the fossil fuel commodity closing lower for six of the past eight trading days. Intraday support/resistance for WTI is priced at 58.80 and 59.30 respectively, while Brent crude support is currently sitting at 62.00, and resistance resting at 63.05.

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

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