WTI Crude daily update for July 27, 2016

Crude continued its sell-off, touching new four-month lows of 42.36. Renewed supply glut concerns have been the driver of the most recent downturn, as shuttered U.S. oil rigs come back on line, and as inventories remain persistently high. Support now comes in at the April 26 low of 42.50. Gasoline have made their way to near five-month lows, driving crude down, on slowing demand growth, and unseasonably high inventory levels.
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Support on crude oil prices is seen near the April lows at 40.36, while resistance is seen near the 20-day moving average at 46.45. The RSI (relative strength index) broke through support reflecting accelerating negative momentum, while printing a reading of 35, which is on the lower end of the neutral range.