Crude oil prices are seeing gains on Wednesday as expectations of a buildup in US supplies are easing after data showed a surprise drawdown in US inventories on Tuesday. Today's EIA Crude inventories report is expected to print negative 2.4 million barrel from last week which will support oil's potential surge in a big way. And we don't have to forget the tensions between the US and Iran which did not ease till this hour, giving support to the prices to hold above support levels.
It seems like a move towards the $70 resistance level is set to happen after the price broke the upper trend line to the upside. Momentum is getting stronger as the RSI is showing. A break above the $69.30 level will send Crude prices to the $70 resistance level and this will be the level to watch.
Support: 67.72 66.88
Resistance: 69.30 70.80