Technically, oil bounced off our resistance line on the Daily charts.
Traders await updated OPEC forecasts and US storage data
Oil futures fell on Wednesday after lower-than-expected inflation data from China underscored concerns about crude demand as traders await a monthly report from the Organization of the Petroleum Exporting Countries and weekly U.S. storage data.
West Texas Intermediate crude oil for August delivery CL.1 CLQ24 fell 92 cents, or 1.1%, to $81.41 a barrel on the New York Mercantile Exchange. September Brent crude BRN00 BRNU24, the global benchmark, fell $1.09, or...
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