US Crude Oil Inventories shows mostly positive data for the price since July, but the price is still moving in between $35 and $43 per barrel
While the Crude Oil Inventories is mostly positive for the price since July, market players don’t see any reason for move the price above $43, or they simply can’t do it? That’s how the price is stuck in between $35 and $43 from months, as I wrote recently here. Lower point and strong support is placed at $34,50-$36,00, while the resistance is placed at $41,70 up to $43,00. Can buyers break the price upside toward $50 finaly or the current situation with Covid movement restrictions (lockdowns) will again encourage the sellers? We will see, it’s hard to tell more then we see at the moment.
US Crude Oil Invetories July/November 2020.
In the previous week, US crude oil inventories unexpectedly rose by 4.278 million barrels in the week ended November 6th, 2020, with expectations of a 0.913 million decrease, according to the EIA Petroleum Status Report. Meantime, gasoline inventories were down by 2.309 million barrels, while markets had forecast a decline of 0.263 million.
A week before ended October 30th US crude oil inventories fell the most in two months by 7.998 million barrels following a 4.32 million rise in the previous period.