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- US oil has shown a huge decline and hits 10 month after U.S government data revealed a rise in shale gas production. Black gold declined till $42.07 and shown a minor jump after slightly better than expected U.S crude inventory report.
- U.S crude oil inventories fell more than expected last month .The inventories declined 2.5 M compared to forecast of -2.106M.
- Technically US oil has formed bullish divergence in the daily chart, a minor jump till $43.91/$44.70 (10- MA) likely.
- The near term support is around $42 and any break below will drag the US Oil till $40/$39.23 (Aug 3rd low).
It is good to buy on dips around $42.75-$42.80 with SL around $42 for the TP of $43.90/$44.70.
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