Oil Inventory Build Exacerbates Selling Pressure
Mike Paulenoff | Mar 24, 2016 12:10AM ET
The weekly Crude Oil Inventory Report showed a huge build in supply, which has renewed pressure on oil prices atop its 61% February-March recovery rally.
Since Tuesday's high at $41.90, Oil has rolled over from near the upper-boundary channel line, just above $42.00, into a traverse of the width of the channel. Oil has traversed about half of the channel so far, and if it presses towards a full-fledged test of the lower-channel boundary, then $38.50 is the next optimal target.
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