International crude oil futures prices on Wednesday (October 23) closed down. Oil prices were pressured by data showing U.S. crude inventories rose more than expected last week. Markets remain focused on the ongoing conflict in the Middle East.
The U.S. Energy Information Administration (EIA) said U.S. crude inventories rose 5.5 million barrels in the week to Oct. 18, lifting weight to 426 million barrels, beating analysts' average expectation of a 270,000 barrel increase.
West Texas Intermediate (WTI) for December delivery fell 97 cents, or 1.35%, to settle at $70.77 a barrel on the New York Mercantile Exchange.
Operation suggestion: The US oil daily line to the lowest 70.6 position after the market pulled up, the daily line finally closed in the 71.5 position after the market with a very long hammer line, and such a form after the end.
Trading strategy: long near 70.9, stop loss 70.4, target 71.5-73.5.
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