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The US Dollar mostly held onto overnight gains as the market jockeys for position ahead of the Fed decision later today. Will a hike boost USD to sink WTI?
WTI oil is trying to hold a major threshold of support, a sizable rally could develop if it can maintain levels just below.
Crude oil plunged more than 30% off the highs with the decline approaching multi-year trend support. The levels that matter on the WTI weekly chart into the July close.
Crude oil prices are moderating after a multi-day rally that was aided by a weaker US Dollar and risk-on flows. Traders are likely sitting on the sidelines ahead of tonight's EIA inventory data.
Crude oil plunged to levels not seen since February with a 26% drop taking price towards key technical support. The levels that matter on the WTI short-term charts.