U.S Crude Oil Inventories fall to -3.882 M , Buy Crude Oil on Dips !

forex brent oil min

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 fall from 1.910 M to  -3.882 M in the previous week , analysts had expected  U.S Crude Oil Inventories to fall to 1.500 M last week…

This development should be taken as an opportunity to buy Crude Oil on dips , Immediate support comes at the 61.50/61.00 levels , a halt is likely , but a cut will open 59.40 levels before the next rise…

On the upside , stability above the 61.50/61.00 levels could mean a return to the 62.75 levels , a break would open 63.75 next , further upside will target the 65.00 levels..

In all, the Crude Oil is likely to consolidate around 61.50/61.00 levels before the next rise………

U_S Crude Oil Inventories fall to -3_882 M , Buy Crude Oil on Dips !