USOIL chart - Trading View
West Texas Intermediate (WTI) crude oil was trading 2.43% higher on the day at $68.02 at around 11:35 GMT.
Price action has paused downside with a Doji formation on the daily candle and is attempting retrace above daily cloud.
An unexpected build in the US crude stockpiles reported by the American Petroleum Institute (API) on Tuesday kept prices subdued.
The API report showed US crude stocks rose by 806,000 barrels for the week ended July 16 vs. expectations of a fall of about 4.5 million barrels.
A fresh risk-on wave that gripped the European markets along with US dollar pullback is lending support to oil prices.
Technical bias is neutral. Bounce off 110-EMA support with Doji on the previous session's candle raises scope for upside.
Retrace above cloud could see more bullishness. Break above 55-EMA negates any further downside.
Traders focus on the Energy Information Administration (EIA) US crude inventories report for impetus.


FxWirePro: EUR/NZD runs out of steam but maintains bullish outlook
FxWirePro: USD/CAD slips as oil rally boosts loonie
FxWirePro: USD/ZAR extends losses ,eyes 16.400 level
FxWirePro: AUD/USD edges higher ahead of RBA meeting minutes
FxWirePro- Major US Indices
FxWirePro- Major Crypto levels and bias summary
EUR/JPY Surges on Yen Weakness: Bullish Momentum Eyes 186-187 Targets
FxWirePro: GBP/NZD attracts buying interest, 38.2% fib eyed
FxWirePro: USD/ZAR edges higher but bearish outlook persists
FxWirePro- Major Pair levels and bias summary
FxWirePro: USD/JPY retreats as Japan signals possible FX intervention
FxWirePro: GBP/AUD loses momentum but bullish setup remains
Yen Capitulation Sends GBPJPY to 17-Year Peak – 212.60 Next?
FxWirePro: USD/JPY extends fall as yen rises on intervention fears
FxWirePro- Major European Indices
FxWirePro: EUR/NZD uptrend loses steam, remains on bullish path
FxWirePro: USD/CNY downside pressure builds, key support level In focus 



