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Price Surge Following Inventory Report
Crude oil prices are trading higher after the latest U.S. crude inventory numbers, reaching a peak of $70.63 and currently sitting around $70.68.
Significant Drop in U.S. Crude Inventories
Recent data reveals a substantial decrease in U.S. crude oil inventories, with a decline of 4.237 million barrels for the week ending December 27, 2024, surpassing expectations. As of December 13, 2024, total inventories were about 814 million barrels, indicating a slight yearly increase. This sharp decline points to increasing demand for crude oil, suggesting higher prices could be on the horizon, which may also impact gasoline and other petroleum product prices.
Resistance and Support Levels for Crude Oil
Crude oil is encountering significant resistance at $71.50; breaking this level might increase prices to $72.60 or $73. On the other hand, if prices dip below the near-term support around $70, targets could drop to $69, $68, or even $66.60. Current market indicators lean towards a bearish trend, with a suggested trading strategy to buy on dips around $70 and set a stop-loss at $69, targeting a price of $72.50.
