Crude Oil WTI Futures is trading at $64.20 and has declined almost 4% in past three trading sessions. US Oil prices declined almost more than 2% yesterday on account of weak crude oil inventory data.
WTI hit low of $63.70 and shown a minor jump and is currently trading around $64.20.
US Energy Information Administration (EIA) shows that US crude inventory rose by 1.6 million bbls compared to forecast of 0.5 million bbls rise.
There is a double top at $66.30 and is falling from that point and due to weak inventory data the downside has continued.
On lower side the major support lies at $62.16 and any break below will open doors for $60.00 level.
The upside resistance is around $64.90 and any break above will take the commodity till $66.30
Bullish continuation can be only if price breaches $66.50 level.
We can go long if it breaks resistance of $64.90 or it reaches support $62.16 with a SL of 60 pips and a target of 75 pips.