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Crude Oil Price Outlook: WTI at Risk Amid Trendline Breakout, Rising Long Bets


Crude Oil Price Outlook: WTI at Risk Amid Trendline Breakout, Rising Long Bets
2021-07-21 04:00:00
Daniel Dubrovsky,
Strategist
Crude Oil, US Dollar, Wall Street, DOE, IGCS, Technical Analysis - Talking Points:
Crude oil prices aimed lower even though there was a revival in risk appetite
Higher US Dollar, unexpected increase in API inventories likely played role
WTI may be at risk to a turn lower as retail traders boost upside exposure
Growth-linked crude oil prices were unable to capitalize on a rather rosy day for general market sentiment. In fact, WTI ended Tuesday 0.26% lower. Meanwhile on Wall Street, the Dow Jones, S&P 500 and Nasdaq Composite climbed 1.62%, 1.52% and 1.57% respectively as cyclical shares lead gains. Within the S&P 500, energy shares gained about 1.38% despite crude oil’s tamed session. ....

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