Since my analysis of WTI Crude Oil futures, I've found that crude oil has been constantly facing resistance at the level after creating a second gap down in a daily chart. No doubt, today’s inventory looks to favor oil bulls, but a surge in US oil production and comments from Russia and Saudi Arabia, which could consider curbing their output when they meet on June 22 are evident enough to reflect the looming uncertainty over oil bulls. I’ve found that today’s crude inventory can bring short term relief for oil bulls but the overall trend of WTI Crude futures will remain depressive due to the emergence of two recent gap downs and looming uncertainty till the final outcome of the OPEC meeting on June 22nd, 2018..
Investors will also be looking for further guidance from the Federal Reserve on future U.S. rate rises. This upcoming announcement after the crude oil inventory looks to be more decisive for WTI Crude Oil futures next directional move during the coming weeks. To understand the following charts look at my video.
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