Crude oil futures closed higher after American Petroleum Institute reported U.S. crude stockpiles declined by 8.1 million barrel for the week-ended July
Crude oil futures closed higher after American Petroleum Institute reported U.S. crude stockpiles declined by 8.1 million barrel for the week-ended July 7. Also, the EIA (Energy Information Agency) cut its U.S. oil production forecast for 2018, and a report that has been published confirmed a decrease in European crude oil stockpiles.
Crude oil prices are affected by OPEC and Non-OPEC countries agreement to extend oil production cuts. The crude inventory report is to be released today at 14:30 GMT.
Technical Outlook
The four hour chart has formed an inverse head and shoulder pattern. Prices broke out of the pattern, a signal of an uptrend continuation. Crude oil prices soar today to trade at $45.91 a barrel, +1.95%.
Crude Oil 4H Chart
The four hour chart indicates that the previous resistance became a support line at $44.90 and the next resistance will be at $46.50.
