Crude oil price broke the $82/barrel mark on yesterday. Since the start of the week crude oil prices have rebounded from $71 and made a bullish pattern amid the acceleration in demand as China announced it will abolish their zero tolerance covid policy and will open their economy, furthermore the Lunar year celebrations in china which are starting from January 21, 2023 is likely to help in boosting the crude oil surge.
Recent data on US Crude oil inventories which was released by American Petroleum Institute (API) showed an unexpected pileup of 7.6 million barrels, this causing the Crude prices to plunge 1.60% to $78.56/barrel. Today crude oil inventories by Energy Information Administration is scheduled to release at 2100 HRS PKT and expected to show shrinkage of 2.1 million barrels in crude oil stocks.
Crude Oil futures are being traded at $78.20/barrel at 1430 HRS PKT. For Oil bulls market price needs to break the
$78.90 resistance level which is likely to increase possibility that prices may reach $82.50 mark, otherwise if the price fails to break the resistance point it may fall to support levels of $76.60 & $75.65.
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