Failing to bounce back
Mar-16 04:37
Oil Bullets
- Brent and WTI remained in familiar territory yesterday and both remain some way off recovering the losses seen through the Asian and early European morning sessions on Monday.
- DOE inventory data released yesterday showed that crude inventories fell a little less than expected but inventories of both gasoline and distillate fell much more than expected. Both WTI and Brent spiked to around the highs of Monday afternoon on the news but failed to progress any higher and within a couple of hours were back to the pre-DOE-data levels.
- Our technical analyst notes that the key resistance for both WTI and Brent lies at Friday's highs of $41.72 and $43.80.
