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Published on 8/03/2018 10:54:45 AM | Source: Enrich Commodities India Pvt Ltd

Crude Oil prices steadied on Thursday morning after falling big Wednesday - Enrich Commodities

CRUDEOIL

Oil prices steadied on Thursday morning after falling big Wednesday on the back of record U.S. crude production and rising inventories.

Oil prices bounced back immediately after the release of the weekly oil inventories data from the Energy Information Administration ... (where) the headline figure was better than expected.

The EIA reported late on Wednesday that U.S. crude inventories rose by 2.4 million barrels in the week to March 2, to 425.91 million barrels, less than the 2.7-million-barrel increase analysts had forecast.

Technical outlook

Crude oil daily chart has formed "Megaphone chart” pattern. The last session ended up bearish in trend after retesting the channel’s resistance slope line. The market is expected to continue in bearish momentum, once the same breaks below a key support holding at $60(3897). The downside rally could test all the way through $59-58(3832- 3767) levels in the upcoming sessions. Alternatively, if the key support holds strong then the market might retest the same and turn bullish. The upside rally could test $61.50-63(3994-4092) levels. Key Resistance holds at $63(4092).

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