Crude Oil on 24th August 2017, Crude Oil August futures prices down by (-66) pts (-2.12%) closed at 3041, trading range between 3024 – 3111. Crude oil for September delivery on the New York Mercantile Exchange settled at $47.43 a barrel. Crude futures dipped lower on Thursday, as Tropical Storm Harvey looks ready to hit the refinery hub of the U.S., stirring up worries of an uptrend in crude supplies as refineries are expected to stop its operations. A rise in supplies of crude oil was expected by traders and led to the unpleasant state of mind.

Technical view:

The Four-hour chart of Crude oil has formed Symmetrical Triangle Pattern. The current uptrend may move steadily and sustain near the slope line at $48 which will be a strong Resistance area, where we expect a down fall inside the triangle in order to fill the gao. More selling pressure can be expected towards $47.24-$46.60.

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