TheBanker

CL1! / OIL AHEAD OF DOHA MEETING SATURDAY 16th APRIL

Short
NYMEX:CL1!   Light Crude Oil Futures
The Department of Energy reported that U.S. commercial crude oil inventories increased by 6.6 million barrels from the previous week. Gasoline inventories decreased by 4.2 million barrels last week.

Technically, Crude Oil is manages to cross it is previous resistance of 42.25 but did not manages to sustain above the level and showed short term correction.In 4 hourly chart crude oil has formed double top pattern and having neck line at 41.20 & trading below the 21 DMA .Sustain below the level can show selling and can test the level of 40 .60 & 40 with the resistance of 42. 40


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