WTI has been on a three-day losing streak, on the back of USD strength, resurgence of the pandemic as well as downbeat API inventory – inventories rose 0.691 barrels (previously showed a decline of 9.517 million).
It was seen to bounce of $39.64 today. Let’s hope that it heads towards $40 and subsequently break out of the 50 day SMA level of $ 41.20.
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