From bullish to bearish, the life of the oil markets
No sooner does oil try to rally, reality is never too far away and down we come again
The API inventory build was much bigger than expected and the price of oil suffered as you would expect
We've fallen to support at 43.50 and held, albeit after dipping a few ticks under
WTI H4 chart
As I type we're back up to 44.00 and we have a short term range to play where the market has settled after the August run up
47.20/50 gives us an upside boundary to watch, while the 43.50/00 level gives us the lower. If the inventory data can't meaningfully break the levels, and there's no other real fundamental news coming out then the levels give you the places to trade
