WTI Crude climbed to near 11 month-highs in yesterday’s session after API inventory data registered a surprise drawdown (-5.821 Mb vs. Prev: -1.663Mb), breaching our first long resistance target at $43.50 and topping slightly below $54 resistance. An hourly close $53.50 resistance now turned into support, will favor further downside with $52.60 as next major support.
Support: 53.50/ 52.60
Resistance: 54 / 54.50
