Crude Oil Prices Climb As OPEC+ Plans August Output Hikes, Stockpiles Fall

The Energy Information Administration (EIA) will publish its weekly petroleum status report later today, in which traders will assess the weekly changes in both crude and gasoline fuel inventories for clues about the underlying fuel demand. A larger-than-expected fall in stockpiles would likely strengthen prices, whereas a smaller draw or a rise may lead to the reverse.

WTI vs. Crude Inventory Changes – Past 12 Months

Crude Oil Prices Climb as OPEC+ Plans August Output Hikes, Stockpiles Fall

Source: Bloomberg, DailyFX

Technically, WTI is challenging a key resistance level of $73.5 (268.2% Fibonacci extension), breaching which would likely open the door for further upside potential. The overall trend remains bullish-biased, albeit selling pressures may be seen at around the resistance level. Immediate support can be found at $70.0 – a psychological level. The MACD indicator is trending higher, suggesting that bullish momentum remains in charge.

WTI Crude Oil Price – Daily Chart

Crude Oil Prices Climb as OPEC+ Plans August Output Hikes, Stockpiles Fall

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