Oil Prices Jump $2 and Retreat Quickly After EIA Inventories
Crude Oil prices went on a round trip in the US session, with WTI crude jumping $2, but retreating again after failing at the $80 resistance. Oil buyers made a strong entry around $78 as the price was finding support at the $200 SMA, but then turned into sellers as soon as the price approached the $80 level.
EIA Crude Oil Inventories
Despite crude oil inventories being higher than expected, they were lower than the private data released late yesterday, which showed a larger build of 8.428 million barrels. Additionally, gasoline inventories, which declined by -2.8 million barrels today, were less than the -3.272 million drawdown reported late yesterday.
As a result, crude oil is currently trading at $78.50s. The high price for the day extended to $79.62, while the low price was at $77.78. Overall, the market seems to be responding positively to the inventory data, despite the higher-than-expected build in crude oil stocks. So, it seems like $80 is a bit too much for Oil buyers.
Private API Inventories from Yesterday
ABOUT THE AUTHOR
See More
| Broker | Website | |
|---|---|---|
| 🥇 |  | Visit Broker >> |
| 🥈 |  | Visit Broker >> |
| 🥉 |  | Visit Broker >> |
| 4 |  | Visit Broker >> |
| 5 |  | Visit Broker >> |
| 6 |  | Visit Broker >> |
| 7 |  | Visit Broker >> |
Join 350 000+ traders receiving Free Trading Signals
Alerts
Rates
Calendar
Signals
Top Broker