WTI Crude Futures Intraday: Potential Signals of a Correction
George Lam June 24, 2020 11:07 PM
Previously, we mentioned that over-optimism should be avoided, now there may be signs of a correction in oil prices...
WTI Crude Futures (August contract) plunged 5.9% to $38.01 yesterday, as sentiment was dragged down by a resurgence in coronavirus infections across the U.S. and a larger-than-expected build in U.S. crude oil inventory.
The U.S. Energy Information Administration (EIA) reported that crude oil inventory rose 1.44 million barrels, more than an increase of 0.30 million barrels estimated and it is the third consecutive week of worse than expectations.
Previously, we mentioned that despite there might be some more room for oil's rebound in the short term, over-optimism should be avoided. Now there may be signs of a correction in oil prices.
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