Oil reverses early losses and closes higher

FXStreet (Córdoba) – Crude oil prices ended slightly higher, reversing early losses, after Baker Hughes report showed another drop in the country’s oil rig count. WTI closed at $43.04 a barrel, posting a 0.4% gain.

Earlier on Wednesday, the Energy Information Administration (EIA) said that US crude inventories rose by 1 million barrels for the week ending on Nov. 20, slightly below expectations. A day before, the American Petroleum Institute reported an increase of 2.6 million barrel in crude stockpiles last week.

WTI technical perspective

“The commodity trimmed its early losses and the daily chart shows that it stands a few cents above its daily opening, although the 20 SMA continues capping the upside around 43.20 while the technical indicators are losing their upward strength below their mid-lines, showing a decreasing upward potential”, said Valeria Bednarik, chief analyst at FXStreet.

Support levels: 42.50 41.80 41.20. Resistance levels: 43.40 43.90 44.60.

Crude oil prices ended slightly higher, reversing early losses, after Baker Hughes report showed another drop in the country’s oil rig count. WTI closed at $43.04 a barrel, posting a 0.4% gain.

(Market News Provided by FXstreet)