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Crude Oil Falls, Bounce Is Likely

January 17, 2013 at 3:56 by Vladimir Vyun

Crude oil rallied yesterday as US inventories unexpectedly declined. Brent and WTI crude retreated somewhat today.

US stockpiles of crude fell by 1.0 million barrels to 360.3 million barrels last week, while analysts have predicted an increase by 2.0 million barrels. Still, the reserves were well above the upper limit of the average range for this time of year. The increase of the previous week was by 1.3 million barrels.

Fundamental analysts were optimistic for crude oil and technicians were positive on the commodity too. They were saying that the charts look very bullish and prices will likely go higher, especially if fundamentals remain supportive.

WTI crude oil fell $0.32 (0.34 percent) to $93.92 per barrel as of 3:48 GMT on NYMEX today. Brent grade of crude retreated $0.20 (0.18 percent) to $109.48 per barrel on ICE.

If you have any questions and comments on the commodities today, use the form below to reply.

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