WTI printed a high at $26.94 on a surprise inventory drawdown, to end yesterday’s session at $26, weighed down by comments from Fed J. Powell as he warned from resurging Coronavirus outbreaks and a longer time to recovery.
EIA data showed a surprise drawdown of 745K barrels vs. a previous of 4.59 Mb as storage concerns fade
WTI remains trading in a range with prints needed above $26.50 to boost bullish momentum, while an hourly close below $25.70 will favor a retracement towards $25
Support: 24.95 / 23.60 / 21.87
Resistance: 26 / 27.69 / 28.75