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Crude oil prices gained traction in the last hour following the weekly API report and the barrel of West Texas Intermediate rose to a daily high $56.06 in the post-settlement trade. As of writing, the WTI was trading at $55.95, adding 1% on the day.

In its weekly publication, the American Petroleum Institute announced that crude oil inventories in the U.S. fell by 4.2 million barrels in the week ending February 22 to 444.3 million. “Refinery crude runs fell by 235,000 barrels per day, API data showed. Gasoline stocks fell by 3.9 million barrels, compared with analysts’ expectations in a Reuters poll for a 1.7 million-barrel decline,” Reuters noted.

Earlier today, several news outlets reported that OPEC and its allies were looking to maintain the output cuts despite U.S: President Trump’s recent criticism.

Technical levels


       Daily SMA20:  54.9
       Daily SMA50:  51.81
       Daily SMA100:  55.01
       Daily SMA200:  62.58
       Previous Daily High:  57.67
       Previous Daily Low:  55.23
       Previous Weekly High:  57.92
       Previous Weekly Low:  55.72
       Previous Monthly High:  55.48
       Previous Monthly Low:  44.52
       Daily Fibonacci 38.2%:  56.16
       Daily Fibonacci 61.8%:  56.74
       Daily Pivot Point S1:  54.64
       Daily Pivot Point S2:  53.72
       Daily Pivot Point S3:  52.2
       Daily Pivot Point R1:  57.08
       Daily Pivot Point R2:  58.6
       Daily Pivot Point R3:  59.52