Crude oil prices posted a brief intraday rebound. This came on reports of drone attacks on Saudi oil tankers. Previously, there were attempts on four other oil tankers off the coast of the UAE. The American Petroleum Institute’s weekly oil inventory report saw a big jump in the buildup of oil inventories. According to the report, US crude oil inventories rose 8.63 million barrels last week.
WTI Crude Oil to Maintain its Range Trading
Crude oil prices remain range bound within the 62.85 resistance and 60.33 support. The brief rebound earlier this week resulted in a lower high. Therefore, we expect to see the bias continue to the downside. Another retest of the lower support near 60.33 is quite likely in the near term.
