WTI Crude Oil Daily Analysis – July 26, 2017

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 .

Support will be the inner dotted line at $47.75. A break below could push prices towards $46.65 levels.