WTI crude settles at the lows of the year. The chart is daunting

There are a few things to watch in WTI WTI WTI is the short-hand for West Texas Intermediate crude oil. WTI is a type of petroleum crude oil that serves as a benchmark in oil pricing. It is a light, sweet crude oil that is extracted from West Texas area in the United States, including the Permian Basin. WTI crude oil is considered to be a high-quality oil due to its low sulfur content and high yields of gasoline and diesel fuel when refined. It is used as a benchmark for pricing other types of crude oil, and the price of WTI crude o WTI is the short-hand for West Texas Intermediate crude oil. WTI is a type of petroleum crude oil that serves as a benchmark in oil pricing. It is a light, sweet crude oil that is extracted from West Texas area in the United States, including the Permian Basin. WTI crude oil is considered to be a high-quality oil due to its low sulfur content and high yields of gasoline and diesel fuel when refined. It is used as a benchmark for pricing other types of crude oil, and the price of WTI crude o Read this Term crude:

1) This is a bit of a strange move because the risk trade has improved today and fellow global-growth commodity trade copper is flat this week.

2) The API oil inventory data is out later today and that leaks. Oil rebounded from early lows only to get pounded late in the day in the window when it would have leaked. I wouldn't be surprised to see a big surprise build in that data. When that's happened in the past, the API sellers use the actually data to cover (ie. buy it back).

3) This chart is what it is. The trade for the past few months has been to wait for a break of the range and go with it. The mini-range bottom at $72.25 has broken but the big level is the December low of $70.08 (call it $70.00). If that breaks, there will be a flush.

4) Oil stocks are up today with the XLE ETF up 1.0% in a bit of puzzling move.

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