WTI crude prices are off on Friday but continue to consolidate near the 53 handle. The revelation of record crude and gasoline inventories this week in the U.S., along with continued signs of rising production in North America, have had a capping influence on the market in the face of OPEC-led supply trimming. Crude prices continue the historically usual path of stability, though sooner or later the volatility associated with this market will assuredly return.
Resistance on crude oil is seen near the February highs at 54.33. Short term support is seen near the 10-day moving average at 53. Additional target support is seen near the February lows at 51.22. Momentum is neutral as the MACD (moving average convergence divergence) index prints near the zero index level with a flat trajectory which reflects consolidation.