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. Read More Details
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