WTI Crude Oil Daily Update for February 9, 2017
Crude oil prices rebounded into the close, despite a larger than expected build in crude oil inventories reported by the Energy Information Administration. Prices hit a fresh 2-month low for the contract. Resistance is seen near the 10-day moving average at 53.12. Momentum has turned negative as the MACD (moving average convergence divergence) index generated a crossover sell signal.
The Department of Energy reported that U.S. commercial crude oil inventories increased by 13.8 million barrels from the previous week. Expectations were for a 2.5-million-barrel increase. Gasoline inventories decreased by 0.9 million barrels last week, but remain elevated. Distillate fuel inventories remained unchanged last week and are above the upper limit of the average range for this time of year.