The Energy Information Administration’s (EIA) Crude Oil Inventories measures the weekly change in the number of barrels of commercial crude oil held by US firms. The level of inventories influences the price of petroleum products, which can have an impact on inflation.
The U.S. Crude Oil Inventories rose from -3.882M to -2.191M in the previous week, missing forecast at the 0.386M.
This development should bring a corrective pullback before the next rise, Immediate support comes at the 61.41 levels, stability above this level on a 4-hour closing basis could mean a return to the 62.75 levels, sustained breakout above this will pave the way towards the 64.07 levels ahead of the 65.81 levels .
On the downside, Immediate support comes at the 61.41 levels, a cut will extend the pullback towards the 60.39 levels,If also fails, expect further weakness towards the 59.54 levels.It’s the last support level and should bring rebound…a clear break below 59.54 will terminate the current bullish trend……….