Crude oil prices reversed the declines from Tuesday following the weekly inventory report. Oil prices initially fell after the API data saw a surprise build up in inventory.
However, the Energy Information Administration data showed that there was a draw of 1.1. million barrels for the week ending December 13.
WTI Likely to Retreat Off Current Highs
The bullish fundamentals have kept crude oil on track to test the resistance level of 61.00. But following this attempt, price action could see a retracement.
The recently breached resistance level of 58.65 is to become the likely candidate for a test of support. Establishing support here could strengthen the potential for further gains beyond the 61.00 level.
