US Crude Oil Inventories rises to 5.315M, Crude Oil follows !

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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.

Today , U.S. Crude Oil Inventories rises  to annual rate of 5.315M, from 1.294M in the previous  month , note that analysts had expected U.S. Crude Oil Inventories to rise 2.888M…

This development is likely to support Crude Oil prices , Immediate support comes at the 55.95/55.61 levels , stability above the 55.61 levels on a 4 hour closing basis should advance the pair further higher . Immediate resistance comes at the 57.79 levels , a clear break would open 59.00/60.00 levels…

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