WTI Crude Oil Daily Analysis – November 23, 2017

Crude oil prices edged to two and a half year high on Wednesday, but trades slightly lower on Thursday morning after yesterday’s report revealed that crude showed crude stockpiles fell more-than-estimated and a disruption to a major pipeline in Canada boosted the bullish sentiment. Crude oil stockpiles fell for the first time in three weeks.

Inventories of U.S. crude fell by roughly 1.9 million barrels for the week ended Nov. 18, beating expectations of a draw of 1.6 million barrels.

Gasoline inventories rose by 44,000 barrels, less-than-estimates of 737,000 barrels, while supplies of distillate – the class of fuels that includes diesel and heating oil – unexpectedly rose by about 269,000 barrels, baffling expectations of 1.2 million barrels.

Technical View

Crude Oil 4H chart continues to rally on the “Ascending broadening wedge” pattern gaining bullish momentum as expected. The Last session has successfully broken the higher resistance that marked before. Crude oil continues to trade in higher high trend.

Alternatively, if the old resistance level holds at $58 level, then the market might correct. Crude Oil might test $57.50 level in the upcoming session.