WTIUSD

The most important agenda items to be announced today are the US crude oil inventories to be released at 17:30, the US GDP, and the evening FED meeting. A significant decrease in stocks (much lower than expected) along with a strong increase in US growth could raise oil prices, and as long as it stays above the pivot of 67.103, resistance levels of 68.525, 69.128, and 70.139 could be tested. In the opposite scenario (an increase in stocks, a slowdown in global growth, and a hawkish tone from the FED), prices could pull back to support levels of 66.515, 65.083, and below. The level of 67.103 should be monitored for short-term direction.