WTI crude oil retreated after printing a double top around $40.50 – $40.70 to hit our short support target at $39.27 on rising concerns over the resurgence of Covid-19 cases in the US as California reinstated lockdowns. API weekly crude oil stock inventories to be released today, with a surprise buildup to further push prices lower with 38.70 as the next support target.
Support: 39.27 / 38.70
Resistance: 40 / 40.50
