If prices continue to struggle going bullish after inventory
or week come in red. I expect prices to drop into mitigation and if that happens you will see an explosive move on oil.
Otherwise, they should take buy side liquidity @70.77 and come back into internal range (mitigation/volume imbalance)
Mind you, if the fed also cuts rates today that will weaken the USD and strengthen foreign currencies creating more demand for oil and short inventory reports will surge prices higher.
or week come in red. I expect prices to drop into mitigation and if that happens you will see an explosive move on oil.
Otherwise, they should take buy side liquidity @70.77 and come back into internal range (mitigation/volume imbalance)
Mind you, if the fed also cuts rates today that will weaken the USD and strengthen foreign currencies creating more demand for oil and short inventory reports will surge prices higher.
