Crude oil prices held on to the gains albeit posting some modest declines. Overall, crude oil prices remain steady at the top. The EIA’s weekly crude oil inventory report saw an increase of 5.48 million barrels. This was above the estimates of a 1 million increase. The weekly report reversed the drawdown of 1.4 million barrels from the week before. The data comes on top of API’s report showing a 6.9 million increase for the week.
Crude Oil to Remain Bullish in the Near Term
Oil prices retreated from the highs on Wednesday closing with some modest declines on the day. However, we are seeing a reversal of these declines earlier today. Price is likely to attempt and test the previous highs in the range of 66.50 – 66.00. Watch for a weekly close above this level to confirm further upside. Failure to do so could trigger declines to the lower support at 64.55.
