Crude Oil Continues to Finds Ways to Strengthen
Both Brent and WTI Crude Oil prices were volatile Wednesday, as Kuwait’s Oil workers put an end to the 3-day strike that had temporarily halved the country’s production.
WTI Crude Oil futures fell down to 41.28, but reversed, as stockpiles shrank more than expected.
According to the US Energy Information Administration (EIA), distillate stocks, which include heating oil and diesel, fell roughly by 3.6-M bbl, well below the no change analysts expected, sending Black Gold to YTD high of 44.23 bbl.
The advance has WTI Crude Oil at marks last seen in November 2015, and set up to extend the rally.
On the daily the technical indicators present strong Northward slopes, as the price advanced above its 200-Day MA.
Near term, and according to the 4 hours, WTI Crude could consolidate some in here, as the technical indicators have lost upward strength near overbought marks, but there is not signal for a Southside move yet.
Support marks: 43.30 42.60 42.10
Resistance marks: 44.30 44.90 49.40