WTI Crude Oil prices were trading flat on Wednesday. The US Energy Information Administration (EIA) report showed that the crude oil inventory fell by 2.7 million barrels for the week ending August 16. This was the first decline in inventory in the past three weeks. The build-up comes following two-weeks of back-to-back increases in the inventory report.
WTI Crude Oil to Remain Range-Bound
Oil prices have settled into a sideways range of 57.50 and 54.42 region. Price action has been trading within this level since last week. A breakout from this range is required in order for the momentum to build up. It is likely that the breach of support at 54.42 will see oil prices falling back to lows of 51.70 where another support level exists that was previously tested.
