opec meeting on tomorrow| opec meeting at vienna on friday

Crudeoil

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.

Technical chart


Crude

Technical outlook

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.