 Hello, welcome to this week's CMC Markets Commodity Snapshot, we're going to be looking at WTI Crude Oil. Now just yesterday there was a significant economic report that could be changing the trend in oil and we do have a technical chart pattern that could support it so we want to dig further into that. So a report released on Wednesday showed that US oil inventories actually saw a build for the first time in nine weeks. We're expecting a drawdown, basically we're expecting US production to slow down but demand because of the summer driving months in the US to increase and so stockpiles should actually come down but they actually increased and again just brings about this worry of a supply glut and when you look over to the Middle East and the OPEC producing countries they're all increasing their production so again this same same supply demand dynamic for oil is coming back into play. Now since mid-March the oil price has been on quite a tear higher but it topped out around mid-May and we've not made any progress beyond $61 a barrel in WTI and so there are signs now that prices could be starting to break down and so we want to look a bit closer at the chart now to see if that has any merit. So this is a daily candlestick of Crudall West Texas and so you can see the horizontal line drawn through around $61 per barrel and that's been capping the price action. You see this 200-day simple moving average swooping in from above. Price has touched on that and moved down since broken below the 50-day moving average and has also broken this rising trend line connecting these last three sets of lows and it's also corresponded with a break of apparent support in the RSI at the bottom of the screen there. So a few indications to suggest that this upward trend is beginning to end and we're actually seeing a break lower which of course does correspond with the idea of increased supplies stemming from this latest US inventory report. Now should be aware that there is still potentially a bit of support coming in from around the sort of 54 to 56 area from these same lows that have been used to connect this rising trend line. We're still broadly in a sort of small range bound environment so there's chance of a sort of false break lower and a snapback into the range but indications for now suggesting we could be in for a break and that could be meaning that could mean a retest of $50 per barrel and perhaps even lower in West Texas crude oil. That's it for this week CMC Markets Commodity Snapshot. We're looking at West Texas crude oil obviously and so just keep an eye on those inventories reports from the US and see if this break lower in the price action can continue.