WTI stays bid despite the EIA reported another weekly build in US crude oil supplies by 4.850 M barrels. Yesterday’s report came in opposed to Tuesday’s draw of around 1.5M barrels reported by the American Petroleum Institute. Crude oil prices appear to have met decent debate around $52.60 for the time being. The ongoing rebound or consolidation feeds on a weaker greenback and supportive comments from President Trump regarding the US relationship with Saudi Arabia, allaying the potential geopolitical fizz.
Crude oil tried to make a comeback but quickly reversed after it faced a strong resistance from the $56 level. The price currently came back to the $54.4 area but the momentum is still relatively positively biased. However, the black gold doesn’t seem to find the right traction to break to the upside so we will be watching today the recent lows at $53.
Support: 54.99 / 52.04
Resistance: 57.87 / 59.01