The latest weekly inventory report by the Energy Information Administration (EIA) showed a drawdown in oil inventories. For the week ending November 29, crude oil prices fell 1.6 million barrels. This comes after a consistent weekly build up in oil inventories. The upcoming OPEC meeting is also weighing on the oil trades.
WTI Breaks Past Resistance
Crude oil prices broke past the resistance level of 58.00, rising over 3% on the day. The breakout past the resistance area confirms potential further upside. There is scope for WTI Crude oil to retrace back to the 58 region to establish support. As long as this level holds, price action could see further gains with 60.00 as the next main level of interest.
