Crude oil prices were trading weaker on Wednesday after the weekly oil inventory report. Data from the Energy Information Administration saw commercial crude oil stockpiles rising 5.7 million barrels.
This was well above the estimates of a 0.5 million increase. The build-up in inventory comes following the previous week which saw an unexpected drawdown.
WTI Crude Oil Could Rebound
Oil prices fell to the support area of 54.50 region. This marks a retest of the previously held resistance level for support. As long as price holds above this level, there is scope for an upside rebound. The upper resistance level at 57.87 – 57.64 remains the target. Watch the Stochastics oscillator indicating a bullish divergence.
