The weekly crude oil inventory report from the Energy Information Administration (EIA) saw another week of build-up in inventory.
For the week ending November 22nd, weekly crude oil inventories rose 1.6 million barrels. There were also widespread gains in gasoline stockpiles, pushing crude oil prices lower.
WTI Drops but Support is Forming
Crude oil prices broke past the resistance area of 57.87 – 57.64. Oil prices fell back to retest this level to establish support.
If support is confirmed, oil prices could be looking to post further gains. Alternately, if price slips below this level, then WTI is on track for a decline to the lower support at 54.71 – 54.42 level.
