Crude Oil climbed yesterday as traders began to anticipate that supplies will reach a peak following comments from the EIA that supplies could decline by 57,000 barrels per day between April and May. Later in the session the API released inventory data which showed that supplies increased by 2.6M barrels in the past week which is much lower than last week’s increase of 12.2M.
The price is still climbing today and peaked above $24.5/barrel. Traders should watch an inventory report from the EIA which will be released at 2.30PM (GMT). The movement is sideways. Support is found 50.00 and resistance at 55.0.
April 15, 2015 – Commodities News
Crude Oil WTI
Crude Oil climbed yesterday as traders began to anticipate that supplies will reach a peak following comments from the EIA that supplies could decline by 57,000 barrels per day between April and May. Later in the session the API released inventory data which showed that supplies increased by 2.6M barrels in the past week which is much lower than last week’s increase of 12.2M.
The price is still climbing today and peaked above $24.5/barrel. Traders should watch an inventory report from the EIA which will be released at 2.30PM (GMT). The movement is sideways. Support is found 50.00 and resistance at 55.0.