WTI Crude daily update for July 26, 2016

WTI crude continues to add to losses, bottoming so far at 43.09, down 2.3%, or $1.10 per barrel, in tandem with the declines seen in Brent crude. The EIA reported gasoline inventories well above average levels for this time of year, while overall U.S. crude stockpiles are near record highs as well. Baker-Hughes has reported an increase in functioning U.S. oil wells in seven of the past eight reporting weeks, weighing on crude prices, as U.S. production may again be in the process of ramping up production.
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Support is seen near the 200-day moving average near 40.74, while resistance is seen near the 10-day moving average at 45.17.  The RSI (relative strength index) broke through support levels, reflecting accelerating negative momentum, while printing a reading of 37, which is on the lower end of the neutral range.