The Kingdom’s gift received a boost from EIA inventory data showing a bigger than expected drawdown in Crude inventories (Prev: -6.065Mb, Act: -8.10Mb), hitting our long target resistance level in early trade today at $51, with $51.60 and $52 as the next closest resistance targets, with $51 key support level to hold to favor ongoing bullish momentum.
Support: 51/ 50
Resistance: 51.60 / 52
