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 fell from -2.191M to -2.674M in the previous week, analysts had expected U.S crude oil inventories to rise to -1.029M…
This development should keep U.S crude oil under pressure . According to the 4 – hour chart, as long as 58.95 resistance holds on a 4 hour closing basis, U.S crude oil remains on the downside towards the 57.97 levels where a cut will open 56.50 levels.
On the upside, a clear break above the 58.95 levels will turn outlook neutral for retesting daily chart resistance around 60.40 levels before the next fall………….
