Crude Oil – Too Early For Celebrations

[kreslik.news]

Stock inventories were better than expected in both API and EIA reports, leading to a 3% increase in its price at the time of writing. As expected, intraday bulls are celebrating!

However these numbers, although very positive, should be treated with caution. Only a consistent drop in stocks could be considered to be a turning point. On the other hand, we shouldn’t forget that the members of OPEC and non-OPEC countries are still far from an agreement of any kind.

As we wrote in our previous article on March 21, the price came to test a first level at USD 35 as expected. A technical rebound ... (read more)