WTIUSD

WTI crude oil prices continue to fluctuate around the pivot level of $62.94. According to the U.S. Energy Information Administration (EIA), crude oil inventories increased by 244,000 barrels in the week ending April 18, marking a fourth consecutive rise, contrary to the expected decrease of 700,000 barrels. During the same week, gasoline stocks fell by 4.5 million barrels and distillate fuel stocks decreased by 2.3 million barrels, showing a decline greater than expected. According to Dallas Fed data, the number of drilling rigs in the U.S. fell by 4.6% year-on-year to 592 in March 2025. Employment in the oil sector is also contracting in parallel, while U.S. crude oil production is expected to reach 13.55 million barrels per day in 2025. Trump's indication that he would reduce tariffs on China and the easing of trade tensions have supported prices by alleviating concerns regarding oil demand. The decision by OPEC+ members to initiate production increases in May and China's tariff increases on oil imports from the U.S. are emerging as factors putting pressure on prices. Technically, it is considered appropriate to trade near resistance levels of 64.182 - 65.430 and support levels of 60.690 - 59.446 for today.