US commercial crude oil inventories dropped -1.0m barrels in the week ending January 28, versus expectation of 1.8m rise. At 415.1m barrels, oil inventories are about -9% below the five year average for this time of year.
Gasoline inventories rose 2.1m barrels. Distillate dropped -2.4m barrels. Propane/propylene dropped -4.3m barrels. Total commercial petroleum inventories dropped -5.8m barrels.
Earlier today, OPEC+ decided to raise production by another 400k barrels a day in March, continuing with the monthly plan agreed back in last July.
WTI crude oil hit 90.10 earlier today but failed to sustain above 90 handle and retreated. For now, further rise will remain in favor as long as 86.75 support holds, which is close to 4 hour 55 EMA. Current rally could still target 61.8% projection of 66.46 to 87.70 from 62.42 at 95.54 before topping.
However, considering bearish divergence condition in 4 hour MACD, break of 86.75 support will confirm short term topping and bring deeper pull back to 82.42 support, and possibly below.
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