Crude oil prices posted modest gains on Wednesday. Price gained 0.62% on the day after the Energy Information Administration’s weekly crude oil inventory report. The report showed that US stockpiles posted a drawdown of 12.79 million barrels for the week ending June 21. This followed the earlier report from API which showed a decline in the inventory as well.
Will Crude Oil Prices Continue Higher?
The current gains in WTI crude oil have pushed the commodity higher. Oil prices broke past the initial resistance level of 57.50. This came after prices remained flat for nearly two days. Following the breakout above this resistance, oil prices are likely to test the 61.00 handle in the near term. This marks a retest of the price level that previously served as support. If resistance is formed here, we expect oil prices to post modest declines back to 57.50.
