WTI crude oil prices closed lower on Tuesday but well off the lows of the session after testing the 50.29 level earlier in the session. Traders await
WTI crude oil prices closed lower on Tuesday but well off the lows of the session after testing the 50.29 level earlier in the session. Traders await Wednesday’s inventory report from the Department of Energy. Prices softened from a 1-year high as OPEC members over produced ahead of the projected decline in production in the new year.
Support on WTI crude oil is seen near the 10-day moving average at 48.92, while resistance is seen near Monday’s highs at 52.45. The RSI (relative strength index) ran into resistance and moved lower with price action reflecting accelerating negative momentum as it prints a reading of 61, which is on the upper end of the neutral range.
David Becker focuses his attention on various consulting and portfolio management activities at Fortuity LLC, where he currently provides oversight for a multimillion-dollar portfolio consisting of commodities, debt, equities, real estate, and more.
