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

September 2, 2020 by admin 0 Comments

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.

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This article was originally published by Forexlive.com. Read the original article here.