By Richard Rittorno
The spot price for WTI Crude Oil (NYSEARCA:USO) futures tumbled Tuesday to a two week low with an intraday low of $100.37 a barrel. Market participants are in a holding pattern ahead of the Wednesday's weekly supply data report scheduled for 10:30 am Wednesday.
The price of WTI has been trading within an acceding wedge until breaking out below the wedge this morning. Support on the daily chart is found at July 15 low of $99.01.
Expectations for the Energy Information Administration report are for 400k to 1 million drop in storage supplies. Anything less will be seen as bearish demand for the largest oil consumer.
Speculation on the street is for a significant drop in storage after extremely economic bullish news concerning U.S. consumer. This morning the July Consumer Confidence report indicated an increase of consumer confidence with a reading of 90.9 compare to last month's