Crude oil prices posted modest gains on the day on Wednesday, rising 0.89%. The weekly crude oil inventory report from the Energy Information Administration (EIA) was released. US stockpiles fell by 3.9 million barrels to 446.6 million last week. Oil prices also got a boost after China’s oil imports touched 10.64 million barrels for April.
WTI Likely to Correct Higher in the Short Term
Crude oil prices have settled into a range within 62.85 resistance and 60.33 support. However, the short term charts indicate that oil prices could breakout higher to test the 62.85 region. This could mark a modest correction to the upside amid the medium term bearish outlook. A reversal near 62.85 would set oil prices on the path to test the lower support near 57.50.
