Oil prices remained muted amid reports of an attempted coup to overthrow President Maduro. Many world leaders also joined in, voicing support for the opposition leader. While oil prices briefly spiked, they settled lower on the day. The API’s crude oil inventory report showed a build of 6.81 million barrels keeping a lid on the gains.
Crude Oil to Maintain the Sideways Range
Crude oil briefly tested the resistance area of 64.65 on Tuesday before giving up the gains promptly. Price action remains trading sideways within 64.65 resistance and 62.85 support. A breakout from this support is required for oil prices to continue the correction. A close below 62.85 will lead to further declines toward 60.33 level. However, we expect to see another retest to 64.65 resistance ahead of the declines.
