Oil falls the most in a month as market shrugs off the inventory draw

News

WTI crude down 2.6%

Reversals are the order of the day and commodity prices are mostly under pressure. Crude has been stuck in a narrow trading range for weeks. Several attempts in the last month to break higher have been beaten back and now the bears are trying their luck.

Today’s inventory report was positive for oil but after a 30-cent rally, it has turned around and dropped to the lows of the day at $41.60. The Aug 21 low of $41.46 is a support level to watch, followed by the convergence of the 200-dma and 50-dma just below.

For bank trade ideas, check out eFX Plus

Articles You May Like

Coinbase revenue surges more than 130%, driven by postelection crypto rally
GBP/USD steadies near 1.2600, downside appears due to Trump’s tariff threats
Breaking: RBNZ cuts interest rate by 50 bps to 3.75%, as expected
Dollar Slips as Markets Dismiss Tariff Talk, Yen and Aussie Firm Up
Yen Rally Pauses as BoJ Signals Bond Market Intervention, Dollar Soft

Leave a Reply

Your email address will not be published. Required fields are marked *