U.S. crude oil stocks rose last week rose to record highs for a fifth straight week while gasoline inventories fell amid strong demand for the motor fuel, data from the Energy Information Administration showed on Wednesday. Crude inventories increased 1.3 million barrels in the week to March 11 to 523.2 million, a much smaller build than the 3.4 million-barrel increase expected by analysts. By 10:55 a.m. EDT, U.S. futures were up 3.7 percent at $37.71 per barrel.
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| Crude Oil |
On technical chart, Very short term trend of crude oil is bullish on chart. On its, 4 hourly chart, market has been making higher lows and higher highs from past few trading session. Crude oil also took support of 50 DMA and bounce back from the same on 4 hourly chart. It has been trading with support of SMA50 and SMA200 with appearance golden cross. Now it can test the next resistance of 41.90. On lower side it is having support of previous significant low of 35.90. On daily charts it has strong bullish candle. RSI is sustaining in its positive territory indicating the bearish trend on intra day basis.
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| Crude Oil technical Chart |
Technical Pivot Levels
Commodity
|
R2
|
R1
|
S1
|
S2
|
| GOLD |
1284
|
1264
|
1224
|
1190
|
| SILVER |
16.35
|
15.82
|
15.11
|
14.6
|
| CRUDE OIL |
41.90
|
39.80
|
38.30
|
36.60
|
| COPPER |
2.2800
|
2.2570
|
2.2100
|
2.1890
|
| NATURAL GAS |
1.980
|
1.916
|
1.755
|
1.600
|
| PLATINUM |
1008
|
990
|
947
|
925
|
| PALLADIUM |
610
|
584
|
555
|
528
|
