WTI oil eases after recovery attempts in Asian/European session stalled at $62 zone, keeping the action in red for the second straight day, despite threats of escalation of the situation about Iran’s nuclear deal, as concerns over deepening US/China trade conflict weigh. Much lower build in US crude stocks (API report showed rise of 2.8 mln bls vs last week’s build of 6.8 mln bls) provided little help to oil price, with focus turning towards release of US EIA report today (1.2 mln bls build f/c vs 9.9 mln bls build previous week) which would provide fresh signals. Technical studies remain mixed as bearish momentum continues to rise and helped by multiple bear-crosses of daily MA’s (5,10,20,30), while stochastic heads north and converged 55/200SMA’s are about to form golden-cross and further support the action. Key levels at the downside lay at $60.57 (55/200SMA’s) and $60.03 (Tue’s spike low) while falling 10SMA ($62.70) and sideways-moving 30SMA ($63.07) mark upper pivotal points.
Res: 62.08, 62.70, 63.07, 63.61
Sup: 61.06, 60.57, 60.18, 60.03
