US commercial crude oil inventories rose 1.38 million barrels in the week ending March 27, well above expectation of 3.7 million. At 469.2 million barrels, oil inventories are near the five year average for this time of year.
WTI crude oil is staying in tight range above 20.40 for now, as consolidation continues. Outlook remains bearish and break of 20.40 will resume larger down trend. nevertheless, break of 28.39 resistance will now indicate short term bottoming, and bring strong rebound back to 55 day EMA (now at 39.70).
