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Published on 7 Mar 2017
The
WTI Crude Oil market rallied during the day on Tuesday initially, but
gave back quite a bit of the gains as we continue to see volatility in
this market. It looks as if the area above continues to be resistive,
but quite frankly I think that the Crude Oil Inventories announcement
will continue to keep the market on its toes, as we weigh the effects of
oil output production cuts by OPEC, and of course the oversupply. The
announcement today will be crucial, expected to be an addition of 1.66
million barrels. We continue to see a build of inventory, so I feel it’s
only a matter of time before the sellers get aggressive. Short-term
however, there’s nothing on the sharp suggesting that were about to melt
down so I think we could see a “sell the short-term rally” type of
attitude.
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