Crude oil received a boost yesterday and added over $3/barrel. The price was already creeping higher as traders expected that supplies could be reaching a peak. The speculation was boosted as the EIA released a report showing that inventories climbed at a lower rate than expected of 1.294M. Inventories were predicted to increase by 4.057M and the actual figure was much less than last month’s 10.949M.
The price also reacts to the Dollar which is weakening on the back of data. The trend is sideways. Support is found at 54.20 and resistance at 57.60.
April 16, 2015 – Commodities News
Crude Oil WTI
Crude oil received a boost yesterday and added over $3/barrel. The price was already creeping higher as traders expected that supplies could be reaching a peak. The speculation was boosted as the EIA released a report showing that inventories climbed at a lower rate than expected of 1.294M. Inventories were predicted to increase by 4.057M and the actual figure was much less than last month’s 10.949M.
The price also reacts to the Dollar which is weakening on the back of data. The trend is sideways. Support is found at 54.20 and resistance at 57.60.
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