WTI Crude Oil (current price: $53.60)
Oil fell sharply yesterday in the second half of the session following a stable morning. The crucial commodity bounced lower off the $54.50 level, as it remains stuck in a narrow short-term trading range. WTI Crude was under pressure, as global demand remains weak and the Chinese economy continues to struggle. On the other hand, U.S. crude oil production is rising again, and Donald Trump pledged to help the sector with less regulation in the coming years as well.
Our assessment: Oil finished near its intraday lows yesterday after getting close to its previous highs. The long-term picture is still bullish, but the commodity is getting more neutral.
