US commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 2.9m barrels in the week ending October 2019, above expectation of 1.8m barrels.. At 425.6m barrels, crude oil inventories are at the five year average for this time of year.
WTI crude oil is steady after the release. Decline from 63.04 lost momentum ahead of 50.43 support. This level is also close to 61.8% retracement of 42.05 to 66.49 at 51.38, as well as 50 psychological level. Thus, we’d expect stronger support from there to bring rebound, to extend medium term trading. On the upside, break of 54.71 will target 63.04 resistance.
