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Crude oil prices showed a minor sell-off after forming a minor top around $73.11. It hit a low of $71.97 and currently trading around $71.99.
U.S. commercial crude oil inventories reported a large increase, to the highest level since July 2024, following four consecutive weeks of gains. The latest inventory report revealed a surplus of around 4.633 million barrels, higher than market estimates. This increase is a signal of a potential decrease in crude oil demand. While inventories remain modestly below the five-year average for now, the numbers do reflect substantial volatility in market dynamics. The extended inventory build-up warrants close monitoring of supply and demand fundamentals throughout the U.S. oil market.
Price Resistance and Support Levels
The near-term resistance is around $72.11; any breach above this level could push prices higher to $72.85/$73.06/$74.32/$75. On the downside, immediate support is at $71.80 violation below targets of $70.80/$70/$68/$65.50.
It is good to sell on rallies around $72 with a stop-loss of around $73.20 and a target price of $66.
