The weekly crude oil inventory report from the US-based Energy Information Administration (EIA) saw a modest build-up in inventory. For the week ending February 14th, crude oil inventories rose by 400,000 barrels.

This follows the API’s report of a 4.16 million barrel build-up.

WTI Crude Oil Close to Testing Resistance

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WTI crude oil prices had a burst of momentum as price action is trading close to the initial target of 54.75. With this level turning to be resistance, we anticipate a reversal to the gains in the near term.

Price action in WTI crude oil could be confined to the range between 54.75 and 51.65 in the short term.

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