After three consecutive days of gains, oil prices hover near eight-weeks high on Thursday morning as U.S. inventory data raised concerns of lower
After three consecutive days of gains, oil prices hover near eight-weeks high on Thursday morning as U.S. inventory data raised concerns of lower stockpiles.
According to the Energy Information Administration – the increase in production output led to the fall in U.S. crude stocks last week.
Based on the inputs of industry players about the slowing of U.S. rig count, investors will pay more attention on the drilling activity in the U.S.
Technical Outlook
WTI Crude Oil prices rose to its highest level in eight weeks, the next resistance level will be at $49.70 which is the triggering point as seen in the chart. A break above will lead to $52 .
Crude Oil 4H Chart
Support will be the inner dotted line at $47.75. A break below could push prices towards $46.65 levels.
