WTI falls 1.2% on inventory data

• WTI drops on API data, extending the recently formed bearish trend. 
• Technically, the price is deteriorating on a daily outlook. 

The price of oil has fallen in recent trade as the recent inventory data shows a build on stockpiles, weighing on WTI.

At the time of writing, WTI is trading at $38.97 and is down 1%, falling from a high of $39.81 to a low of $38.53 ahead of the close. 

API data

• Crude +4.577M.
• Cushing +0.136M.
• Gasoline +2.252M.
• Distillate -5.333M.

The official data follows on Wednesday morning (US time). 

WTI technical analysis

Meanwhile, as per earlier analysis:

• WTI offers a discount to the bears from a strong resistance confluence zone

The price is moving in accordance with the daily outlook as follows:

4-hour chart

From a 4-hour perspective, the price might be expected to consolidate for a period at this current level of the structure prior to extending lower.