Crude Oil Inventories Due Today; Can Crude Oil (CL) Break the Trading Range???

by John Knobel

Due Today at 15:00 GMT

US Crude Oil Inventories forecast to decrease to -2.488 million barrels from previous week.

Commentary: Crude Oil (CL) potential for trading range breakout; US hits Iran with new sanctions; current price remains in a multi-week trading range (trendless market); lower end of trading range  $53 (support); upper end of trading range $56.80 (resistance); current price $56; price needs a catalyst to break above $56.80 resistance (upper end of trading range) to open up upside break out towards the potential next leg up near $58.90; otherwise price to remain in multi-week trading range for a re-test of the lower trading range $53;

Source: FXGM / Bloomberg