I have been highlighting a potential invterted head-and-shoulders pattern on the WTI crude oil chart but today was a setback, or at least a false start.
Crude rose to as high as $66.28 in a two-month high but turned around in US trading and settled 31-cents lower to $64.98.
The EIA released a report highlighting a peak in US oil production this year before a decline in 2026 but that couldn't keep the rally going. The API private oil inventory data is due later and that often leaks so it could have been a catalyst for some sellers.
Data so far this month suggests OPEC supply hasn't been as big of a problem as anticipated, as compensatory cuts offset the production increases but more pledged hikes are coming and could continue into the autumn. If the US trade war doesn't reverse then that rising supply could hit falling demand in a struggling economy.
This article was written by Adam Button at www.forexlive.com.Hence then, the article about oil tries to break out but gets reeled back in was published today ( ) and is available on forex live ( Middle East ) The editorial team at PressBee has edited and verified it, and it may have been modified, fully republished, or quoted. You can read and follow the updates of this news or article from its original source.
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