Crude oil prices rose over 3% on Wednesday. The gains came as the oil markets ignored the weekly EIA report. Data from the Energy Information Administration showed another week of build-up in crude oil inventories.
For the week ending November 15 th , there was a build-up of 1.4 million barrels. This was higher than the forecasts of 1.06 million. The EIA said that the inventory levels were 3% above the seasonal level.
WTI on Track to Retest Resistance
Crude oil prices have shot up and if the current momentum persists, price could test the resistance level of $57.64 – $57.87. The gains will still keep oil prices trading sideways. The floor is at 54.71 – 54.42. Oil prices need to break out from either of these levels to continue the direction.
