The EIA reported a significant increase in U.S. crude oil inventories, rising by 3.475 million barrels against an estimated 2.305 million. This follows a previous weekly increase of 15.989 million barrels. Distillates rose by 0.429 million barrels versus an estimated -2.596 million, while gasoline stocks fell by 1.704 million barrels. Cushing inventories increased by 1.564 million barrels. Private data showed crude added 5.6 million barrels, distillates gained 0.5 million, gasoline dropped 3.3 million, and Cushing rose 1.5 million. Crude prices declined after failing to sustain yesterday's rally, stalling at .23 and testing key support levels. Traders are monitoring the 38.2% retracement at .49, with a breakdown below this level signaling further downside risks to .66 and .79. The inventory build adds pressure on crude prices amid concerns about oversupply and weak demand. Technical indicators show sellers dominating after the price retreated from to .28, highlighting vulnerability near critical support zones. The 100-hour moving average convergence at .79 could become a pivotal level for short-term traders. Market participants are closely watching whether the .49 threshold holds to determine the next directional bias. For Gulf investors, the EIA report underscores the fragility of the current oil price recovery. With OPEC+ policy uncertainty and U.S. production resilience, the region's energy sector faces volatility. Traders should monitor the .49 support and potential follow-through selling below .79. The upcoming OPEC+ meeting and U.S. drilling activity reports will provide further clarity on the supply-demand balance.
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