Crude Oil Forecast: Record high US production adds weight

The latest EIA data released on Wednesday showed that the US crude oil production reached a record 11.9 million bpd in the week ending January 11th, which re-ignited supply glut worries. Adding to this, gasoline stocks were at their highest weekly level since February 2017.

We focus on the triangle on H1 Chart with keeping our midterm bullish bias.

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