WTI crude oil pared some pfits gains on strong
US dollar.Read Till End
Acccording to American Petroleum Institute,
crude oil inventories dropped by 6.490 million
barrels for the week ending May 17th
Major factors for crude oil price movement-
Geopolitical tension- escalation of tension
between Israel and Gaza ( positive for crude).
The immediate resistance is around $79.35. On
the lower side, near-term support is around
$78.0 Any breach below will drag the
commodity down to.
signal
Sell $79 with SL around $80 for a TP of $76.