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The crude oil price have been stable as the market braces itself for the crucial US CPI number later today. If inflation misbehaves, will a Treasury rout hit WTI?
Crude oil prices are weaker in APAC trading hours as traders eye OPEC's MOMR and EIA inventory data. Meanwhile, key oil spreads are weakening, suggesting more losses lie ahead.
WTI crude oil prices fell nearly 10% last week, dragging prices to the lowest mark since February. The commodity's chart shows additional losses may lie ahead after breaking below key levels.
Crude oil plunged another 2.7% today with WTI approaching a critical zone of downtrend support- battle-lines drawn. The levels that matter on the WTI short-term charts.
Crude oil surged more than 12% off the July lows with a rebound off technical support in focus heading into August. The levels that matter on the WTI weekly chart.