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US oil inventories dropped -5.9m barrels, WTI upside breakout

US commercial crude oil inventories dropped -5.9m barrels in the week ending April 9, versus expectation of -2.4m barrels. At 492.4m barrels, crude oil inventories are about 1% above the five year average for this time of year. Gasoline inventories rose 0.3m barrels. Distillate dropped -2.1m barrels. Propane/propylene rose 1.0m barrels. Total commercial petroleum dropped -9.1m barrels.

WTI crude oil rises notably after the release and breaks 62.22 resistance. The development argues that corrective fall from 67.83 has already completed at 75.31. Further rise is now in favor to retest 67.83 high.

The rebound also came after WTI drew solid support from 55 day EMA, as a sign of near term bullishness. Break of 67.83 will resume medium term up trend to 38.2% projection of 33.80 to 67.83 from 57.31 at 70.30 next, which is close to 70 psychological level.

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