USOIL chart - Trading View
West Texas Intermediate (WTI) crude oil was trading at 59.31, down 0.37% at around 11:25 GMT.
WTI oil prices undermined following last week’s announcement that OPEC will be gradually increasing output in coming months.
Further, a hefty build in US gasoline inventories add additional downside pressure. An unexpected build in the American gasoline inventories overshadowed the drawdown in the crude stockpiles recorded last week.
US oil fails to garner upside momentum, upside remains capped at 21-EMA resistance. Price action remains sandwiched between 21 and 55 EMAs. Breakout will provide a clear directional bias.
Momentum studies are bearish, oil prices risk drop towards the cloud base support at $54.95. Watchout for break below 55-EMA support at 58.76 for further weakness.


FxWirePro- Woodies pivot (Major)
BTC Cracks Below $65K: Sell the Rip as Iran Tensions and ETF Bleeding Fuel Bears
FxWirePro: EUR/AUD holds narrow range, focus on near-term support
FxWirePro: AUD/USD softens as risk appetite abates
EUR/USD Under Siege: Bearish EMA Stack Eyes 1.1525 as Iran Ceasefire Talks Crumble
FxWirePro: GBP/NZD stuck in narrow range , outlook bearish
FxWirePro- Woodies pivot (Major)
FxWirePro: USD/JPY on nervous hold around 160.00
FxWirePro- Major Crypto levels and bias summary
FxWirePro- Major Crypto levels and bias summary
FxWirePro: USD/ZAR bears maintain upper hand
NZDJPY Bulls Reload: Why 93.50 Is the Line in the Sand for a Run to 97
FxWirePro: GBP/USD neutral in the near-term, scope for downward resumption
FxWirePro- Major Pair levels and bias summary
FxWirePro- Major Pair levels and bias summary
FxWirePro: NZD/USD hovers near one-week low, outlook bearish 



