With an inventory level 3 million BBLs above consensus no wonder WTI is going up at this time.
when it breaks out of consolidation the move should be significant. either near $70 or $50.
Since March 19th crude (CME CL) has stayed in a tight trading range of about $5. It's wise to wait for a break in either direction before getting back in. image
I thought that in half the world today is a non-working day so I will not engage in trade even though oil could fall. Weak volatility and who knows what the whole day will look ...
Crude continues to fall. Some pretty important support at the $59 level: