WTIUSD

While oil tries to hold above the pivot level of 74.177, the U.S. crude oil inventory data will be monitored throughout the day. A drop in inventories that exceeds expectations could strengthen demand perception and push prices towards the resistance level of 77.352. However, the main determinant will again be the Fed. A "dovish" Fed would support oil by creating risk appetite and a weak Dollar, while a "hawkish" Fed could increase global growth concerns and strengthen the Dollar, leading to selling pressure towards the support level of 73.019.