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Oil prices under pressure following EIA data + what chart pattern traders will be watching

Market Analysis /
07 Mar 2019

* Oil prices have come under pressure following the latest data release from the Energy Information Administration (EIA)

* According to the EIA, US crude oil inventories were up by 7.1 million barrels for the week to March 1st

* The market was expecting an increase of 1.20 million barrels, a difference of 5.9 million barrels

* USOIL has entered a phase of consolidation following a strong rally in February

* Traders are keeping an eye on the triangle pattern on the hourly charts

* A clear break below the lower trendline could pave the way for another test of the important $54.75 support level

* RSI is currently in neutral territory

* The market is waiting for further updates from the OPEC, who might decide to cut output even further

* In the near-term, USOIL could potentially spend more time within the $54.75-57.55 range


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