FxWirepro- Crude oil  Daily Outlook

Crude oil showed a minor bounce back above  $68 on supply concerns. It hit a low of  $65.29 and is currently trading around $68.10

Crude oil inventories build up by 800,000 barrels for the week ended Sep 6th compared to a forecast of 900,000 from the previous month -6.9M.

Tropical storm Francine got strengthened in the Gulf of Mexico and will affect  15% of US oil output.

US dollar index - Neutral

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

Major resistance- $68.50. Any breach above will take the commodity to the next level $69.05/$70/$71.70/$72.80/$73.20. Major trend reversal only above $84.50.

The near-term support is around $65, any violation below targets $63/$60.

Indicators (4- hour chart)

ADX- Neutral

CCI (50) - Bearish

 CCI (14)- Bullish

It is good to buy on dips around $67.50 with SL around $65.59 for TP of $71.70.