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Crude Oil Declines In Choppy Trading Session

Published 04/27/2016, 03:05 AM
Updated 07/09/2023, 06:31 AM

June crude oil declined Monday, April 25 in choppy trade getting down to 42.58 just above support at 42.48 (8 DMA). It settled near the lows at 42.64 before bouncing in the after settlement trading period and ending the day at 42.99. The absence of bullish OPEC headlines kept the algos in check and bearish news beat out a weaker dollar for control of price. Genscape reported a 1.5 million barrel build in Cushing inventories larger than the 1.2 million expected.

This is the biggest build since Mid-December. Iran said it anticipates its production will reach pre-sanction levels by the end of May. Saudi Arabia is increasing its production and making inroads into China, attempting to take market share away from Russia. Libya could double its output this year. Supply keeps on building.

CLH16
High - 44.04
Low - 42.58
Last - 42.99

Daily Pivots for 4/26/16:
R2 44.66
R1 43.83
PIVOT 43.20
S1 42.37
S2 41.74

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