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Crude Oil Price Update: A Bearish Secondary Lower Top

On Tuesday, the United States West Texas Intermediate Crude Oil futures are edging lower late in the session. As the traders are waiting for the release of the weekly inventory data from the American Petroleum Institute (API), the futures are lowering. Cap prices are new risks to demand recovery in Europe after Germany and France halted vaccinations.

At 18:07 GMT, May WTI Crude Oil is trading $64.72, down -1.10% or $0.72. Later on Tuesday, the API will report crude stockpile levels. With analysts expecting another week of gains, official numbers from the Department of Energy will be released on Wednesday. Crude inventories have increased by 12.8 million barrels in the week till March 5th. The analysts expected a rise of fewer than 1 million barrels.

The primary trend has increased, according to the daily swing chart. However, the momentum has shifted downside on March 8th. A new secondary lower top was formed on Tuesday, suggesting that the selling pressure is getting stronger. On a trade through $63.10, the primary trend will change to down.

A move through $66.44 will signal a resumption of the uptrend. The trade through $67.79 reaffirms the bullish chart pattern. $67.79 to $63.10 is the first minor range, and its retracement zone is resistant at $65.45 to $66.00.

The market was balanced shortly before the release of the API report at 20:30 GMT. The late session momentum will be determined in this report. If the momentum of Crude Oil is to the upside, then it will move from $65.45 to $66.00.

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