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Crude oil prices saw a rough week as the WTI crude oil was seen falling from the highs of $64.93 from last week.

The decline in oil prices came about as data from the U.S. Energy Information Administration showed that there was a surprise drawdown in the domestic crude oil inventories.

The weekly crude oil inventory report showed a drawdown of 4.6 million barrels per day which stemmed the weekly consecutive build up inventories.

Despite the positive news, crude oil prices remained weak, failing to capitalize.

WTI (61.98) – Daily Chart

Traders were also staying cautious due to the uncertainty from the global trade and Trump’s stand on imposing tariffs on imports to the U.S.

The U.S. dollar did not play as big role in the weakening of crude oil prices either.

From a technical stand point, WTI crude oil prices briefly slipped to a low of $62.05 before pulling back by Wednesday.

Still, with technical resistance seen at $63.70 and the failure for price to break past this level, we expect to see the downside trend resume.

WTI crude oil prices are likely to fall back to the $62.00 handle to establish a firmer test of support at this level. Further declines off $62.00 handle could signal a move towards the next lower support at $60.30.

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