FxWirePro-Crude oil Daily Outlook

Crude oil lost its shine as Saudi plans production increase. It hit a low of  $66.91 and is currently trading around $67.91.

According to the Energy Information Administration (EIA),  crude oil inventories fell by 4.5 million barrels for the week ending Sep 20th compared to a forecast of --1.4 million barrels.

US dollar index - Bearish

US treasury yield-  bearish (positive for commodity market).

Major resistance- $68.70. Any breach above will take the commodity to the next level $69.30/$70. Major trend reversal only above $72.50.

The near-term support is around $67.69, any violation below targets $67.25/$66.80.

Indicators (4- hour chart)

ADX- Bearish

CCI (50) - Bearish

It is good to sell on rallies around $69 with SL around $70 for TP of $67.