WTI Crude Oil (current price: $46.00)
Oil had an interesting session on Wednesday, as it was up by 3% at one point but still finished with a loss. WTI Crude closed the day down by 1% after the release of the U.S. Crude Oil Inventories data. Inventories grew by 5.3 million barrels, which was more than the expected 0.4 million. The crucial commodity hit the key resistance level at $46.50 yesterday before closing the session back below $46. The rally of the Dollar might be the most important factor for oil in the coming weeks.
Our assessment: Oil is trading above the 200-day Moving Average again this morning. The long-term picture remains neutral for the commodity.
