WTI crude oil gives back gains to finish flat on the day. Inventory data up next

<p>WTI crude oil finished precisely flat on the day at $78.26 after rising as high as $79.77. The big figure appeared to be a hurdle along with worries about oversupply. That counteracted a broadly-positive risk tone that led to huge gains in equities along with a drop in the US dollar.</p><p>Normally, you would expect better than this from oil on a day like today but it's been a struggle since the Middle East risk premium was taken out.</p><p>After the US equity close, we will get weekly inventory data from the API and that will be followed by tomorrow's re-worked EIA release. Given the changes to the US data, expect some funky responses.</p><p>Also note that last Tuesday's huge US crude slump came ahead of a big surprise build in the API report, which adds to the abundant speculation that it leaked. By the same token, today's softness could indicate a leak as well and weak numbers. If that's the case, look for shorts to cover after today's data or tomorrow's EIA numbers.</p>

This article was written by Adam Button at www.forexlive.com.