We earlier noted how Oil had failed to rise despite last night’s API drawdown being  the largest this year. Since then there has been a move higher in the oil price with Oil.WTI (+0.84%) recently trading its highest level of the day.

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 In terms of levels to watch the 47.10 region could be significant and unless there’s a clean break back above here the market remains under pressure with 45.80 and the recent low of 43.75 possible supports should price fall.

However a break above 47.10 could be seen as changing the market outlook somewhat with 48.30 and 50.20 levels to watch on the upside. 

On a shorter timeframe such a H1 we can see that price has been attempting to recover lately. The market moved above the Ichimoku cloud on H1 on Monday and dips back to the cloud have found support.

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 Returning to this afternoon’s data we can observe that two key breaks of support during the recent leg lower occurred following a DOE release. The expected value for the headline this afternoon is -2.0M compared to a -0.9M print last time.