Crude Oil Price - Feb 23

[dan_s]

Oil prices were boosted on news the El Feel oilfield in Libya producing 70,000 bpd was shut down, due to unrest.

The U.S. Energy Information Administration reported on Thursday that crude oil inventories fell by 1.6 million barrels in the week ended Feb. 16, compared to expectations for a gain of around 1.8 million barrels. The report came a day after the American Petroleum Institute reported a supply-drop of around 0.9 million barrels.
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The global oil market is tightening and demand will exceed supply by over a million barrels per day in Q2 as refiners come out of annual maintenance period to ramp up transportation fuel production. U.S. inventories for gasoline and distillates are already below normal days of supply. So, any supply disruptions will cause immediate price spikes like we are seeing today.

[dan_s]

Above $63.30/bbl, the next resistance level is around $66.70. See: https://www.investing.com/analysis/crud ... -200293462

$66.70 is a VERY STRONG resistance level. If WTI closes above that level (I expect it to happen in April), then the next resistance level is $75.00.