WTI Crude dropped by more than 2.50%, hitting our short entry support targets, as increasing Libyan crude output ( 560,000 bpd by end of month, 1 Million bpd by end of year) and a smaller than expected EIA inventory drawdown ( -1.001 Mb vs. -1.021Mb forecast) weighed down on prices, with a failure to print above $40 resistance level to favor lower prints.
Support: 39.27/ 38.70
Resistance: 40 / 40.70
