According to the Energy Information Administration, the US Commercial Crude Oil Inventories increased by 1.4 million barrels over the previous week, which is completely inlined with the consensus forecasts for exactly 1.4 million barrels.
Even though the US crude oil refinery inputs and the crude oil imports both increased over the last week – by 519 000 barrels per day and by 222 000 barrels per day respectively. In the report, it was further stated that:
“Over the past four weeks, crude oil imports averaged about 6.1 million barrels per day, 18.0% less than the same four-week period last year.”
Because of that, the market’s initial reaction to the news was for the price of the crude oil to surge by 0.80 per cent in the first half an hour following the release of the report.
The price of the commodity is currently striving to break out above the major support level at 56.08 once again, which would mean that the price would get back within the boundaries of the previously outlined consolidation range.
USOIL 4H Price Chart. Image source: Trendsharks ©, created with TradingView.com
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