Today there is Inventories out at 14:30 GMT. Survey shows that stockpiles are expected to increase by 1.1 mln barrels (last week stockpiles gained 4.58 mln barrels).
There is no macro-economic data that is showing any demand for oil in the near term that oil demand is going to pick up. Oil also dropped after the U.S. stock market declined yesterday and the dollar strength..
Japan, the world’s third largest oil consumer, also reported that exports in Feb dropped a record 49.4% from a year ago as demand for electronics in the U.S. and Europe declined….
Difficult to be anything else than bearish at the moment…. :-)
Support: 5170 5020 4890
Resistance: 5420 5520
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