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Crude Oil attempts to shrug off supplies buildup, WTI claws back to $74

Source Fxstreet

Crude Oil markets are struggling to recover from sharp declines.
US Crude Oil supplies delivered another buildup in measured stocks.
OPEC set to ease production caps in the coming months.

West Texas Intermediate (WTI) US Crude Oil is grinding higher on Wednesday as energy markets attempt to shrug off another buildup in US Crude Oil stocks. The Organization of the Petroleum Exporting Countries (OPEC) and its extended group of non-member ally states, OPEC , cautioned this week that the global oil cartel is set to phasing out voluntary production cuts as Crude Oil producers grow frustrated at OPEC’s inability to engineer broad-market support for barrel prices.

As oil-heavy nations prepare to pivot away from OPEC production limits in favor of balancing their government budgets, Crude Oil markets are balking at the prospect of even further risks of oversupply as global demand fails to materialize in-line with energy market expectations.

US Crude Oil stocks rose on a weekly basis once again after the American Petroleum Institute (API) reported a 4.052 million barrel buildup in Weekly Crude Oil Stocks, shrugging off a forecast -1.9 million barrel decline and chewing a significant hole in the previous week’s -6.49 million decline. The Energy Information Administration (EIA) reported similar results, with EIA Crude Oil Stocks Change for the week ended May 31 rising 1.233 million when investors were forecasting a -2.3 million barrel decline. Week-on-week EIA barrel counts previously showed a drawdown of -4.156 million barrels.

Crude Oil technical outlook

WTI barrel bids clawed back to $74.00 per barrel on Wednesday, but topside momentum remains thin and US Crude Oil is steeply off near-term highs. Daily candlesticks closed in the red for the last five consecutive trading days, and meagre grains represent the best Crude Oil bidders can do.

WTI remains trapped under near-term technical resistance at the 200-hour Exponential Moving Average (EMA) at $76.10. US Crude Oil tested into its lowest bids since February, and the upside is looking thin.

WTI hourly chart

WTI daily chart

WTI US OIL

Overview
Today last price	74.01
Today Daily Change	1.19
Today Daily Change %	1.63
Today daily open	72.82

Trends
Daily SMA20	77.89
Daily SMA50	80.85
Daily SMA100	79.06
Daily SMA200	79.49

Levels
Previous Daily High	74.03
Previous Daily Low	72.46
Previous Weekly High	80.41
Previous Weekly Low	76.52
Previous Monthly High	81.25
Previous Monthly Low	76.04
Daily Fibonacci 38.2%	73.06
Daily Fibonacci 61.8%	73.43
Daily Pivot Point S1	72.17
Daily Pivot Point S2	71.52
Daily Pivot Point S3	70.59
Daily Pivot Point R1	73.75
Daily Pivot Point R2	74.68
Daily Pivot Point R3	75.33

Disclaimer: For information purposes only. Past performance is not indicative of future results.

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