US commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) rose 2.4m barrels in the week ending September 20, versus expectation of -0.3m decline. At 419.5 m barrels, US crude oil inventories are at the five year average for this time of year.
WTI crude oil drops to as low as 55.45 and stays soft after the release. Current development argues that the corrective rebound from 50.43 has completed with three waves up to 63.04. Further decline is now in favor as long as 59.11 holds, towards 50.43/52.63 support zone. Overall, WTI is staying consolidation pattern from 66.49, and range trading is expected to extend further.
