US commercial crude oil inventories rose 1.6m barrels in the week ending March 20, below expectation of 2.9m. At 455.4m barrels, oil inventories are about 3% below the five year average for this time of year.
WTI crude oil continues to stay in tight range above 20.40 temporary low after the release. More sideway consolidation could be seen but outlook will remain bearish as long as 36.54 resistance holds. Long term down trend should enter into 10.65/17.12 support zone before finding a bottom.
