WTI Oil following a mixed session on the Daily Chart

neft1WTI Crude Oil (current price: 44.35)

Oil had a volatile day as the crucial commodity rose as high as 46.5 in the morning, but finished the day back below the $45 level after a bearish Wall Street session. The early rally was caused by the news on devastating wildfires hitting Canadian production, but the advance quickly faded as traders focused on fundamental again in the afternoon. The only good news this was another drop in U.S. oil production, but the global supply picture remains negative.

Our assessment: Oil might be headed back below the $43.75 support level as the price action remained bearish yesterday, and fundamentals are still questionable.

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