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WTI Crude Slips Lower After Inventories Data – Market Cautious -

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    • WTI Crude Slips Lower After Inventories Data – Market Cautious
Feb, 07th 13:24

Oil prices were under pressure in volatile trade on Wednesday as investors weighed U.S. inventory data ahead of official figures later in the session.

The American Petroleum Institute (API) reported late Tuesday that U.S. crude inventories fell by 1.1 million barrels in the week to February 2.

Official government data will be released at 10:30AM (15:30GMT) on Wednesday, amid expectations for a build of roughly 3.2 million barrels.

U.S. crude oil futures lost 0.27% to $63.20 at 11:11GMT, while Brent oil fell 0.04% to $66.83.

On the technical charts, WTI crude has slipped after early gains and turned negative. The market is trading below the 9 day and the 20 day EMA, but above the 50 day, 100 day and the 200 day moving averages. The RSI is at 47.33 and the MACD is below the signal line

Trade suggestion:

Buy digital Put options between 63.20 and 63, valid until 23:00 GMT February 7th 2018