Bears weigh on West Texas Intermediate (WTI) oil – Bearish outside range day (Engulfing) Japanese candlestick posted

June 30, 2022 - 2 months ago

West Texas Intermediate (WTI), the benchmark for New York-traded crude oil prices, tumbled by -2% after the Energy Information Administration (EIA) said U.S. crude inventories fell last week even as production hit its highest level since April 2020 during the first wave of the coronavirus pandemic.

Meanwhile, the Organization of the Petroleum Exporting Countries (OPEC) and its allies, such as Russia that form the OPEC+ group, began a two-day meeting on Wednesday, with sources saying chances of a big policy change look unlikely this month.

The posted bearish outside range day or (Engulfing) Japanese candlestick has put a bearish spin on the outlook.

A decisive break of 107.00 should reinstate the bearish sentiment and envisage a potential target of 102.00.

Conversely, a New York close above 110.40-55 would negate the Engulfing Japanese candlestick.