WTI Crude Oil Daily Analysis – October 18, 2017

Crude oil prices settled flat on Tuesday but trade higher on Wednesday morning as crude inventories fell and concerns over potential supply disruptions weigh on prices. Crude oil prices are also affected by the tensions in the Middle East. WTI crude oil is trading at 52.08, up 0.39% as of 8:30 GMT.

According to the American Petroleum Institute (API), crude inventories fell by 7.1 million barrels to 461.4 million barrels, above expectation of 3.9 million barrels.

Technical view

On the Hourly chart, crude oil prices have formed a “Rising Wedge Pattern”. Currently, prices have taken strong support at $51.23.

The 50-day moving average will be the trailing support line at $51.91. Although there was enough time, crude prices couldn’t go down and hold a strong bullish momentum.