Crude Oil on Tuesday 9th May 2017, Crude Oil March futures prices down by -11 pts (-0.37%) closed at 2969, trading range between 3024-2952 On the New York, Mercantile Exchange, Crude oil for February delivery on the New York Mercantile Exchange to settle at $45.88 a barrel. Crude inventories in the U.S. fell a more than expected 5.79 million barrels, the American Petroleum Institute (API) reported in estimates released on Tuesday for the week ended May 5. Gasoline inventories rose by 3.17 million barrels, compared to a draw expected, and distillate stocks fell by 1.17 million barrels, more than forecast. Supplies at the oil storage hub at Cushing, Oklahoma, fell by 130,000 barrels.

Technical Outlook:

Crude oil prices continue to consolidate in a very stiff range, attempting to break out but we could notice that it was rejected late in the session and the market finally settled only near the sloping line. If the struggle continues repeatedly, then this could result in such a way that it breaks sloping support line at the same place. Short Term hourly chart shows that momentum in crude oil is turning positive.

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