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Crude is trading at bearish territory but jumped back sharply from interim support around $46/barrel area.
Today's report might work as key catalyst for crude oil market, though focus for today is on FOMC. Today's inventory report from US Energy Information Administration (EIA), to be released at 14:30 GMT.
American Petroleum Institute (API) report showed that this week inventory drawdown of 1.9 million barrels, after a rise of 2.3 million barrels last week.
Active Trade idea -
- Initial call was to sell crude around $60/barrel with stop loss at $63 and initial target at $50-51 area and $42/barrel as next and $46/barrel as interim target.
- Crude oil still seems likely to trade with bearish bias, however weak dollar might provide some support if FOMC sounds dovish today.
- For new entries - New short positions may be added, however stop remains unchanged at $54/barrel and with target around $40-42 area. Some volatility is likely to persist.
