WTI Crude Oil (current price: $46.59)
Oil continued lower as the Dollar remained firm and global stock markets corrected once again on Tuesday. The crucial commodity turned sharply lower in late trading after the release of a bearish inventory data that points to further supply issues despite the recent normalization in the U.S. market. WTI Crude trades right around the $46.50 support/resistance level that could remain in the focus later on this week, as Friday’s key U.S. Employment Report gets closer.
Our assessment: Oil is still stuck in a short-term consolidation pattern following Friday’s key bearish reversal, but as long as the $44 support holds, the underlying trend remains bullish, with key resistance at $49.50.
