21-06-2018 10:45 AM
WTI crude oil prices edged higher sustained by data revealing a enormous draw in U.S. crude supplies for the second-straight week and traders outlook is that the chief oil producers may decide on for a humble production increase at a conference this week.
The data from the Energy Information Administration (EIA) revealed - Inventories of U.S. crude dropped by 5.914 million barrels for the week ended June 15, raising outlook for a draw of 2.100 million barrels.
Gasoline inventories raised by 3.277 million barrels, perplexing outlook for a build of just 0.188 million barrels, while supplies of distillate unpredictably rose by 2.715 million barrels, perplexing prospect for a draw of 0.164 million barrels.
The crude oil daily chart has formed a” Falling channel pattern.” In this pattern, prices have marked resistance yesterday and are holding nearby at $65.77. If prices break above the resistance line, then it could turn towards upside $67. If it doesn't break above, then new sellers will be involved and followed by downside pressure extended to $64-64 level. Traders wait in anticipation for the OPEC meeting scheduled on June 22nd.