US commercial crude oil inventories rose 19.2 million barrels in the week ending April 10, above expectation of 12.1 million. At 503.6 million barrels, oil inventories are about 6% above the five year average for this time of year.
WTI crude oil weakens mildly this week and is now trading below 26 handle. The break of 4 hour 55 EMA suggests that corrective recovery from 20.40 has completed at 32.15. Deeper fall is now mildly in favor to retest 20.40. On the upside, above 32.15 will extend the corrective rise. But upside should be limited by 38.2% retracement of 65.38 to 20.40 at 37.58.
