Weekly Crude oil inventories +7.070 million versus a drawdown of - 2.071 million estimate ...Middle East

Crude oil build of +7.070 million versus estimate of -2.071 millionGasoline drawdown of -2.658 million versus estimate of -1.486 millionDistillates versus drawdown of -0.825 million versus estimate of -1.486 million

Crude oil is currently trading at $67.86, little changed from pre-release levels. From a technical standpoint, the price remains below the 200-day moving average, which sits at $68.37. Both yesterday and today, oil has traded on either side of this key level, but notably closed below it in the prior session.

A sustained close above the 200-day moving average would be needed to shift the technical bias more firmly in favor of the bulls. Until then, the upside remains technically limited.

This article was written by Greg Michalowski at www.forexlive.com.

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