FxWirePro- Crude oil Trade Idea

Crude oil prices gained slightly despite weak crude inventory. It hit an intraday low of $67.16 and currently trading around $67.140.

In the week ended March 14, 2025, the EIA reported a rise in crude oil stock by 1.745 million barrels more than the expected increase of 512,000 barrels, leading to total commercial crude oil inventories standing at 435.2 million barrels. Such a deviation from expectations means the potential for oversupply and will be able to put bearish pressure on the price of oil, which indicates falling demand. Refinery inputs averaged 15.7 million barrels per day, with a slight expansion in its operating capability. Surprise inventory buildup can alter market sentiment and trade dynamics as traders reassess the supply and demand situation

Price Resistance and Support Levels

The near-term resistance is around $68; any breach above this level could push prices higher to $69.10/$70/$70.60/$71.26/$72.11/$72.85/$73.06/$74.32/$75. On the downside, immediate support is at a $67.20 violation below targets of $66/$65.50/$65.25.

 It is good to buy on dips around $66.75-80 with a stop-loss of around $66 for a TP of  $70.