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
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.
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.
Crude Oil Daily Chart
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.
