WTI Crude Oil (current price: $47.05)
Oil got sold yet again on Wednesday, as U.S. Crude Oil Inventories unexpectedly grew by 2.5 million barrels. The consensus estimate was a decline in -0.5 million barrels, and the significant difference led to second huge fall in the price of the crucial commodity in three days. WTI Crude trades just above the Tuesday lows this morning near the $47 level, as a major support level is 1% below the current price around $46.50, with strong resistance looming at $49.
Our assessment: Oil looks to be vulnerable again, although the short-term trend is still bullish, until the commodity stays above the next major support zone.
