U.S. West Texas Intermediate crude oil futures are inching lower early Wednesday after posting a modest gain the previous session on below average volume. The market is being pressured by a private industry report showing a bigger-than-expected build in U.S. crude stockpiles that stoked fears for weak fuel demand and a potential supply glut. Hopes that OPEC and its allies will postpone a planned January increase to oil production underpinned prices.
At 06:48 GMT, January WTI crude oil futures are trading $41.49, down $0.16 or -0.38%.
What's next?
The direction of the January WTI crude oil futures contract on Wednesday is likely to be determined by trader reaction to $41.83.
For bearish scenario, a sustained move under $41.83 will indicate the presence of sellers. This could lead to a retest of $40.56 to $40.33. If the latter fails to hold then look for the selling to extend into $49.32.
For bullish scenario, overtaking and sustaining a rally over $41.83 will signal the presence of buyers. If this creates enough upside momentum then look for an eventual retest of $43.33 over the near-term.
Original analysis: https://www.fxempire.com/forec...
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