WTI Crude Oil Tuesday.
The high range close set the stage for a steady to higher open Wednesday on NYMEX.
Stochastics and the RSI are turning Neutral to Bullish indicating that a low could be close.
WTI Crude Oil needs to close above the May high crossing or below the May low crossing to confirm a breakout of its 3 month trading range and show the direction of the next move. Position: Neutral.
Crude Oil’s collapse is largely attributed to lower global demand, which was accompanied by more production from the Organization of the Petroleum Exporting Countries (OPEC). OPEC members, seeking to defend their market share of a highly oversupplied Crude Oil market, have engaged in a ‘price ware.”
West Texas Intermediate (WTI), also known as WTI Crude Oil or Texas light sweet, is a grade of Crude Oil used as a benchmark in Oil pricing.
This grade is described as light because of its relatively low density, and sweet because of its low sulfur content.
Crude Oil is the underlying commodity of Chicago Mercantile Exchange’s COMEX Oil futures contracts.
The price of Crude Oil is often referenced in news reports on Oil prices, alongside the price of Brent Crude (OIL) from the North Sea.
Other important Oil markers include the Dubai Crude, Oman Crude, Urals oil and the OPEC Reference Basket.
WTI Crude Oil is lighter and sweeter than Brent Crude Oil, and considerably lighter and sweeter than Dubai or Oman.