Technical Analysis – Oil Near Resistance Zone Amid EIA Inventories Report
EIA Crude Oil Inventories: -2.295M vs 1.95M exp. 3.602M previously
- Gasoline Inventories: 0.223M vs 2.55M exp. and 5.977M previously
- Distillate Inventories: 0.329M -0.25M exp. and 3.348M previously
West-Texas Intermediate oil prices are rising today amid geopolitical tensions and much lower than expected inventories change (also gasoline inventories) reported by EIA. As we can see below, OIL.WTI approaches EMA200 (the red line) level, trying to reverse the downtrend.
Source: xStation5
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