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Crude oil prices were seen stalling the gains after price action rose to fresh highs above the $66 handle.

The declines in crude oil prices came about as the weekly inventory report released by the U.S. Energy Information Administration (EIA) showed that oil stockpiles rose more than expected.

The declines in crude oil prices were also affected by the fact whether OPEC and Russia would continue to maintain the crude oil production cuts.

WTI (64.93) – Daily Chart

From a technical perspective, we expect oil prices to post a correction in the near term.

However, watch for a near term rally toward the $65.00 handle where resistance could be established.

Following a reversal at this level, crude oil prices could be seen posting a modest correction toward the $62.00 level where support is most likely to be established.

A break down below this level could however signal further declines toward the $60.00 handle..

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