The price of crude oil remained near YTD highs after the EIA released its weekly inventories data. Data from the organization showed that inventories rose by more than 7 million barrels.
This was much higher than the 2.29 million barrels that traders were expecting. Last week, this data showed an increase of more than 7.2 million barrels. Previously, data from API had shown that inventories increased by more than 2 million barrels. Today, traders will continue to monitor the situation in Libya. They will also receive the monthly report from the EIA.
Crude oil price technical forecast
The XTIUSD pair remained near the YTD highs after the inventory numbers from the US. The pair is now trading at 64.29, which is close to the high of 64.70. On the hourly chart, this price is along the 25-day EMA and slightly above the 50-day EMA while the Bulls Power has turned negative.
The accumulation and distribution indicator has remained near YTD highs. There is a likelihood that the pair will continue moving upwards as it attempts to test the important resistance level of 70.
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