Even after EIA inventory data released yesterday confirmed a huge build-up in stockpiles of 7.928 million barrels versus a previous draw of 4.983 million barrels, WTI Crude closed in the green at $33.67 on reports that Saudi Arabia’s crown prince and Russia’s President agreed to honor their production cuts as EU countries proceeded with re-opening their economies. All eye’s today on President Trump’s conference and on how it will affect global trade, as WTI trades on the 200-period SMA with an hourly close below $32.90 to favor further bearish momentum.
Support: 32.90 / 31.50
Resistance: 34.40 / 35.25
