US commercial crude oil inventories dropped -2.5m barrels in the weekending January 10, versus expectation of 0.4m barrels rise. At 428.5 million barrels, crude oil inventories are at the five year average for this time of year.
WTI crude oil pays little attention the the data, however. WTI’s decline from 65.38 is in progress and reaches as low as 57.35 so far. Outlook is unchanged that such decline is a leg in the sideway pattern that started back at 66.49. As long as 60.34 resistance holds, we’d expect further fall towards 50.86 support.
