According to the American Petroleum Institute (API), Crude oil inventories rose 1.78 million barrels at the end of last week. The EIA inventory report will be released today at 14:30 GMT.
Oil prices fall on Wednesday morning as the inventory report from yesterday pull prices below $50. WTI crude oil was trading at $48.77 at the time of the report.
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Technical Outlook
Crude oil prices failed to hold above resistance line at $50 in a Megaphone chart pattern. A re-break above $49.43 could push prices again towards $50.50.
Prices are trading below the 200-day moving average so as it moves further, more bearish movement can be expected. This is a sign of caution that the market may soon reverse to the downside. The next target would be at $47.24.