On today’s economic agenda we have U.S. Energy Information Administration (EIA) latest survey. The report is expected to show a drop in LCrude stocks with estimates at 1 million barrels. This Friday the U.S the nonfarm payrolls and unemployment rate in August is expected to show signs of economy recovery and they do tend to have a fairly significant effect on the oil markets.
LCrude rose during the course of yesterday session, closing above the 95.00 level and making an inside day. The price is trading above the 10 day moving average and its slope is pointing upward suggesting that some bulls are interested in buying.
Expecting upward move to 98.72 on a break above previous day high at 95.78 (scenario 1) or a break below previous day low at 93.04 could push LCrude prices to Year low at 91.21 (scenario 2).
LCrude is a CFD written over Light Crude futures.