📊TECHNICAL ANALYSIS ON 4-HOURS TIMEFRAME
Crude oil price shows new negative trades in attempt to resume the expected bearish trend for today, which its next main target located at 84.55, to keep the correctional bearish scenario dominant on the intraday basis, supported by moving below the EMA50, reminding you that the continuation of the bearish wave depends on the price stability below 88.70. The expected trading range for today is between 85.40 support and 88.50 resistance
📊QUICK FUNDAMENTAL LOOK
The Energy Information Administration reported a drop of 4.5 million barrels in US crude stocks last week to 419.7 million barrels, while analysts expected a drop of 500 thousand barrels. Gasoline stocks fell 2.4 million barrels to 223.3 million barrels, while distillate stocks fell 3.2 million barrels to 113.8 million barrels.
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