US commercial crude oil inventories rose 0.5m barrels in the week ending February 21, below expectation of 2.3m barrels. At 443.3 barrels, crude oil inventories are about 3% below the five year average for this time of year.

WTI crude oil dipped to as low as 48.98 earlier today but recovered after the release, back above 50 handle. Prior rejection by falling 55 day EMA is a sign of near term bearishness. Further fall is now in favor as long as 54.59 resistance holds. Decline from 65.38 could target a test on 42.05 low.

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