Crude oil prices were trading weaker on Wednesday. The US Energy Information Administration (EIA) weekly crude oil inventory report saw a buildup of 9.9 million barrels in the last week of April. This was higher than the forecasts of a 1.5 million estimate. The build in the EIA report comes after the API had, earlier this week, reported an increase in oil inventory.
WTI Holds on to the Support
WTI crude oil is testing the support level at 62.84 for the second time as price action settles into a range. The resistance level that was briefly tested at 64.55 is the likely upside target. A firm close near the 64.55 resistance level will confirm the resistance level, following which oil prices could break to the downside from the current range. A close below 64.55 will see crude oil extending towards the lower support at 60.33.
