Global macro overview for 18/11/2015:
The API crude inventories data was released yesterday and it crushed the market expectations. The draw of -482k barrels was way below the market participants expectations of 1,800k barrels. The price of the crude oil stubbornly trades above the $40 level despite the global supply glut. Even the recent French and US airstrikes in Syria did not affect the crude oil price much, but it is maybe too soon to draw any important conclusions.
After the yesterday inside bar candlestick formation, the crude oil is still trading within a typical daily range. The next support is seen at the level of 40.08 and the next resistance is seen at the level of 42.58.
