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Crude Oil Price Update – Strengthens Over $58.80, Weakens Under $57.79

From fxempire.com

U.S. West Texas Intermediate crude oil futures are trading flat-to-lower early Wednesday, while posting an inside trade. The price action indicates investor indecision and impending volatility. The market posted a potentially bullish technical reversal on Tuesday, however, there has been no confirmation of the chart pattern. Helping to keep a lid on the market was the American Petroleum Institute (API) weekly storage report that showed a surprise crude oil inventory build of 1.1 million barrels for the week-ending January 10, compared to analyst expectations of a 474,000-barrel draw in inventory. At 05:20 GMT, March ... (full story)

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  • Category: Technical Analysis