WTI Crude Oil – Trading One Point Range

Crude Oil has been trading inside a narrow range, between $49 and $50 a barrel during the past week, ignoring temporary price fluctuation. The black goldd is currently trading at $49.66 a barrel.

During that time the main price action catalyst was technical trading activity. The 49.00 U.S Dollars a barrel ratio continues to look like important support, and has been tested several times the past few trading sessions.

Tomorrow @ 14:30 GMT, the US Energy Information Administration will publish the weekly change in the number of barrels of crude oil held in inventory by commercial firms. Until then, technical traders will remain the main theme for Oil.

Although there is no market impact consistency. This specific event could be a key factor for a price narrow range downside/upside breakout success.

In addition, traders will pay close attention to the OPEC meeting.

It is Nice to know that

The Energy Information Agency of the U.S issues its Crude Oil Inventories figures on a weekly basis. The number reflects the change in the supply of barrels of Crude Oil in the United States held by commercial firms. The outcome of the Crude Oil Inventories frequently experiences a wide variable between estimated inventory and the actual weekly outcome. The weekly number is often debated widely by traders and analysts who sometimes disagree about the meaning in the change of supply. Some investors stress what is most important about Crude Oil Inventories data, is the trend in the supply numbers over a monthly timetable. If the data indicates supply is below estimates if can signify demand has increased from users and this can sometimes create a swift reaction in the energy markets, particularly if the outcome has missed its estimate by a wide margin.

Yaron Mazor is a senior analyst at SuperTraderTV.

SuperTraderTV Academy is a leader in investing and stock trading education. Sign up for a class today to learn proven strategies on how to trade smarter.