WTI Oil
WTI oil pulls back as traders focus on GDP report from China. The report indicated that GDP Growth Rate was 5.2% year-over-year in the second quarter, compared to analyst forecast of 5.1%.
A successful test of the support at $66.00 – $66.50 will open the way to the test of the 50 MA at $65.35.
Brent Oil
Brent oil is moving lower amid broad pullback in the oil markets. At this point, Brent oil needs additional positive catalysts to gain upside momentum in the near term.
If Brent oil declines below the $67.50 level, it will head towards the support level, which is located in the $63.50 – $64.00 range.
