The EIA Crude Oil stockpiles report was published yesterday and it was very surprising. This report had strong impact on the price of Oil. Just after the report, Oil moved up and shortly afterwards the price dropped. The USA have a lot more Oil stockpiles than it was estimated. On the other hand we don’t see agreement between the Oil producers to freeze output and boost crude prices.
At time-frame hourly head and shoulders pattern occurred. The target for current falls is at 40.80 level. At this area the mentioned level coincides with a few local supports. Due to this, that area should cause rebound of Oil Crude.
