Crude oil will get an influx of data today that could set its course of direction. The EIA weekly petroleum inventories will be released this morning. Analysts are expecting an increase of 950,000 barrels. We should start to see an increase in inventories as we now know that demand for crude oil has dropped an unexpected 7 percent.

The Fed will decide today whether they will lower interest rates and their language could be even more important. The market is expecting a 25 basis point cut and a noted end to rate cuts for the near future. This would help support a rebounding dollar, which would put pressure on crude oil.

Crude oil futures had a severe sell-off on Tuesday and the charts are looking like a top may be in. To confirm this, we should see some strong follow through to the downside relatively quickly. If demand is truly 7 percent lower and the dollar continues moving higher, it is a likely bet that we will see lower prices in crude oil in the coming months.