WTI prices trade at yearly highs this morning after regaining traction as surprise decline in API crude oil stocks followed upbeat China data. The American Petroleum Institute registered a surprise drop in weekly inventory data for the US as the survey figure dipped to -3.096 million barrels versus +4.091 million barrels prior. On top of that, China released this morning headline economic data for last month showing industrial production rallying way beyond expectations and prior whereas retail sales and gross domestic product also refrained from registering any negatives. These data are important for traders because China is the largest commodity user. Looking forward, the Energy Information Administration (EIA) is up for releasing the US Crude oil stock report for the week ended on April 12.
Crude oil prices surged back up to the yearly highs around the $64.5 level after regaining traction which built up the momentum. The price is currently is currently trading just below the $64.5 resistance level with a bullish momentum and a lot of more room to go before entering the overbought zone. We will be expecting for the price to continue its upward move and settle above the $65 level
Support: 64.07/ 63.43
Resistance: 64.48/ 64.83