WTI Crude Oil (current price: $53.37)
U.S. Crude Oil Inventories came in above the expected 1.5 million barrels, with a weekly gain of 2.8 million barrels. The bearish data wasn’t enough to push the crucial commodity below the $52 support on Wednesday. WTI Crude advanced after the release, as production in the U.S. slightly declined. The recovery in stock also helped the commodity throughout the day, while the Dollar’s stability helped the low volatility environment.
Our assessment: Oil remains stuck in a low volatility consolidation after drifting out of the dominant rising trend channel. The long-term picture remains bullish with resistance still found near the $54.50 level.
