WTI Crude oil prices fell after the US. Energy Information Administration reported a higher than expected inventory. US crude oil stockpiles fell 3.12 million. This was more than the estimates of a 3.6 million decline in inventory. The data was shrugged aside as initial news reports indicated that Tehran was dropping its nuclear program, which was later denied.
WTI Breaks Below Key Support Level
The declines in oil prices continue for the third consecutive day. Price broke past the previously established support level near 57.50. While attempting to recover the losses, if resistance forms near this level, we expect oil prices to drop further. The next main support is at the 54.42 level.
