WTI Crude Daily Update for January 25, 2017

Crude oil prices moved higher on Tuesday ahead of this evening American Petroleum Institute report on crude oil inventories.  The recent confirmation that OPEC will uphold its commitment to cut oil production by 1.8 million barrels per day is beginning to help prices move higher.  Support is seen near the 10-day moving average at 52.83.  It appears that managed money added to long position in futures and options according to the latest commitment of trader’s report released for the date ending January 17, 2017.

Momentum is neutral as the MACD (moving average convergence divergence) index printing near the zero-index level with a flat trajectory which reflects consolidation. The RSI (relative strength index) is printing a reading of 51, which is in the middle of the neutral range and reflects consolidation.