US commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) rose by 1.1m barrels in the week ending September 13, versus expectation of -2.1m barrels decline. At 417.1mbarrels, crude oil inventories are about 2% below the five year average for this time of year.

WTI surged to as high as 63.04 earlier this week after Saudi Arabia’s production facilities disruption. But it has largely pared back this week’s gains. For now, further rise remains in favor as long as 4 hour 55 EMA (now at 57.74) holds. Break of 63.04 will target 66.49 resistance next. But even in that case, we don’t expect a break there, until we seen noticeable pickup in upside momentum.

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