Investors hope that this week’s crude oil inventories are going to calm down the volatile market for the precious commodity, which was stricken with enormous volatility outbursts last week following the airstrike of the biggest oil production facility in Saudi Arabia.
The report from last week revealed that the US commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve, had increased by 1.1 million barrels. In total, the US reserve was recorded to contain 417.1 million barrels after last week’s addition. Presently, the prevailing market forecasts project that the reserve would have decreased by 0.5 million barrels during last week, thus reaching a total of 416.6 million barrels.
If those expectations are to be realized on Wednesday, the price of the crude should be able to consolidate in a tight range above the major support level at 57.20. The price of the crude oil is currently trading around 58.20 dollars per barrel, which is just above the minor support level at 58.00 and also above the 38.2 per cent Fibonacci retracement level.
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