WTI crude oil prices held steady on Wednesday, trading near the 54.24 handle. The weekly crude oil inventory report from the American Petroleum Institute showed a drawdown of 812,000 barrels. This was smaller than the forecasts of a 1 million barrel drawdown. However, the commodity managed to keep the gains from earlier this week.
Can WTI Break the Resistance at 54.24?
The gains in crude oil prices have pushed price to the resistance area of 54.24. Price action is expected to consolidate near this level in the short term. The weekly EIA inventory report is due later today, which could be a short term catalyst. A strong close above 54.24 will signal further gains in oil prices. This would make the next resistance area of 57.50 the next key target.
