WTI Crude daily update for July 21, 2016

WTI Crude oil prices rebounded from below $43 dollars a barrel in tandem with Brent oil prices, following a mixed inventory report released by the Department of Energy on Wednesday. Prices skidded but remain below resistance which was former support created from an upward sloping trend line that conntects the lows in April to the lows in July and comes in near 45 per barrel.  Additional resistance is seen near the 20-day moving average near 46.78.
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The Energy Information Administration reported on Wednesday that U.S. commercial crude oil inventories decreased by 2.3 million barrels, which was largely expected.  Crude oil inventories remain at record highs for this time of year. Gasoline inventories increased by 0.9 million barrels last week, and are at the upper end of the average range, while distillate fuel inventories decreased by 0.2 million barrels. Total commercial petroleum inventories increased by 2.6 million barrels last week.