Falling oil prices may cut investment in U.S. shale oil by 10 percent next year, the International Energy Agency (IEA) said on Wednesday, slowing growth in a sector that has turned the U.S. into a major global producer.
On today’s economic agenda we have U.S. Energy Information Administration (EIA) latest survey. The report is expected to show a rise in LCrude stocks with estimates at 1.1 million barrels.
LCrude fell during the course of yesterday session closing near the low of the day creating an inside day. Stochastic is showing an oversold market setting higher lows and price is making lower lows, signs that the downside may begin to get exhausted.
Expecting upward move to 81.32 on a break above previous day high at 78.04 (scenario 1) or a bounce from Year low at 75.83 could push LCrude prices to 78.11 (scenario 2).
LCrude is a CFD written over Light Crude futures.