Crude oil prices came under a renewed selling pressure in the last hour after the US Energy Information Administration in its latest weekly report showed a larger-than-expected build in the crude oil inventories. The EIA today said that crude oil stocks increased by 5.5 million barrels in the week ending April 19 to come in higher than the market expectation of 1.25 million barrels. On the other hand, Saudi Arabian Energy Minister Khalid Al-Falih said that they would make sure that the global oil market remained balanced and hinted at supplying the market to match the demand.
Crude oil prices edged lower during yesterday's session as the price broke below the $66 level after numerous attempt. The price is currently loosing ground with the momentum fading at a fast paste opening more potential for the price to retest near support levels. We will be focusing on the downside and in particularly the $64.83 support level.
Support: 65.95/ 65.44
Resistance: 66.69/ 67.72