Oil slid to the 200-period MA acting as support in late trading yesterday after the American Petroleum Institute (API) reported a build in crude oil inventories of +1.14 million barrels while analysts had predicted a draw of -1.51 million barrels. However, prices are surging back up this morning as the recovery in Asia appears to be accelerating triggering a slight positive sentiment despite toughening restrictions to curb the spread of the virus in Europe and the US. Technically speaking, as long as WTI is trading above moving averages the bulls will keep charging and pushing prices higher as focus shifts to EIA inventory due to be released later today.
Support: 45.25 / 45
Resistance: 46 / 46.50
