The price of crude oil continued to rise during the american session and reached the highest level in a week. WTI reached a high of 49.35 dollars, near the high of the last week of 49.40 dollars, the immediate resistance. Near the end of the session, we held approximately $ 49.30, up to 2.25%.
The oil rose despite the report from the EIA which showed that stockpiles of crude rose for the second consecutive week in the united States, an increase of 5.88 million barrels, against market expectations of a construction of 3.23 million. The impetus came from a positive surprise of a decline in the significant inventories of gasoline last week by 8.4 million barrels.
The daily chart shows that the merchandise exceeds the DMA 200 for a few cents, while the technical indicators are rising strongly above their middle lines, supporting some further gains before, particularly on a break above the resistance mentioned above, according to Valeria Bednarik, Chief Analyst at FXStreet.
«In the short term, the readings techniques in the 4 hours chart also inclined towards the upside, as the price extends beyond the averages horizontal, while the technical indicators maintain their strong upward momentum entering the territory of overbought», added Bednarik.