WTI Crude Oil (current price: $49.61)
Crude oil got hit hard once again on Tuesday, as the fears regarding the OPEC’s proposed production got stronger. Russian officials hinted on that the country doesn’t support a cut following a similar announcement by Iraq during the weekend. The crucial commodity also got pushed lower following a report on a rise in inventories in the U.S. towards the end of the session. WTI Crude is now close to the $49 support once again, after trading as high as $52 last week.
Our assessment: Oil is still trading in a long-term advance, although the Dollar’s strength and the supply concerns might push the commodity back to its previous trading range.
