Crude oil prices were down by over one percent on Wednesday. The declines came after the weekly crude oil inventory report saw an increase of 7.9 million barrels. This was more than the estimates of 1.5 million barrels for the week ending November 1 st . The data corroborates the API’s report from earlier this week which also saw an increase in stockpiles.
WTI Crude Oil Retreats After Briefly Testing Resistance
Oil prices fell right after rising to test the resistance area of the 57.87 – 57.64 region. If the bearish momentum continues, then oil prices could slip further. However, there is a chance that support could form at the current levels of 56.40 – 56.50. If this support holds, then oil could potentially turn flat. To the downside, the lower support at 54.71 – 54.42 will be the level to watch.
