Taking a look at crude oil prior to the release of the oil inventories. WTI crude is currently trading at around $72.57 a barrel.

Taking a look at crude oil prior to the release of the oil inventories. The forecast is for the stockpile to rise by 1.022M barrels compared to the prior week. Currently, WTI crude is trading at around $72.57 a barrel. Looking at the 4-hourly timeframe, we can see the support along the trendline held out and the bias remains bullish. Support sits at $71.10 then at $70.23. A break below $70.23 could see the price decline lower back towards the levels between $68-$69 a barrel. Towards the upside, resistance sits at $73.11 (green oval) then at $73.58. A break above $73.58 may see a move higher towards the tough resistance at $74.38 (orange oval). Looking at the technical indicators, MACD has turned positive so has the RSI as it now reads 57.