Crude Oil prices slip further on inventory build-up

India Infoline News Service | Mumbai | October 26, 2017 17:50 IST

Crude Oil prices extended the loss in the morning after data from the U.S. Energy Information Administration showed an increase in domestic crude stockpiles for the first time in one month.

Crude Oil
Crude Oil prices extended the loss in the morning after data from the U.S. Energy Information Administration showed an increase in domestic crude stockpiles for the first time in one month.

Crude oil inventories rose by 856,000 barrels, according to the EIA, marking the first increase in five weeks.

On a technical note on the hourly chart, Crude Oil prices are currently trading below its upward sloping trend line which is a negative sign for the prices.

RSI is also below 60 levels, which indicates no momentum in prices. Intermediate support level can be seen near 3375 levels. A close below it can drag prices till 3330/3310 levels.

 

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