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Crude Oil Continues to Consolidate in a Range – EIA Report Ahead

On Wednesday, the crude oil prices fell over API data, which showed a surprise increase in US crude stockpiles, and as Chinese industrial production rose less than expected in April. However, oil prices are still supported by rising tensions in the Middle East.

US West Texas Intermediate (WTI) crude futures were at $61.33 per barrel, down 45 cents, or 0.7%, from their previous settlement. WTI closed 1.2% higher in the last session. A surprising increase came in stockpiles last week, while gasoline and distillate inventories increased, as data from American Petroleum Institute showed on Tuesday.

For now, the traders await the EIA report on crude oil inventories at 14:30 GMT which is forecast to show no build vs. -4 M drop previously.

Support Resistance
61.45 62.28
61.06 62.72
60.23 63.55
Key Trading Level: 61.89

WTI Crude Oil – Trade Idea
Let’s wait for crude oil to test 60.35 as buying can be seen above this level. Besides, the violation of 62.50 level can add further buying until 64. In case of no breakout, oil prices can continue to consolidate under 62.50.

Good luck!

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Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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