FxWirePro- Crude Oil Daily Outlook

Crude oil-

WTI crude oil pared some of its gains on global economic growth concerns. It hit a low of  $80.52 at the time of writing and is currently trading at $80.86.

New 47 wildfires across Alberta will affect 400000 barrels a day of Canadian oil production (positive for crude).

According to the Energy Information Administration (EIA), crude oil inventories declined by -4.9 million barrels vs. an Estimate of -0.90 M bbls.

Major factors for crude oil price movement-

US dollar index (Bearish)- Positive for Crude.

Major resistance - 104.25/105.

Major support- 103.60/103.

Ichimoku analysis (4- hour chart)

Tenken-Sen- $81.34

Kijun-Sen- $81.54

The immediate resistance is around $81.30. Any jump above the target of $81.75/$82/$82.65/$83. On the lower side, near-term support is around $80. Any breach below will drag the commodity down to $79/$78.

It is good to sell on rallies around $81.45-50 with SL around $82.65 for a TP of $78.