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wti crude oil

Oil prices are up over 3% intraday after the EIA report showed a drawdown in crude oil inventories on Wednesday.

At the same time, Saudi Arabia’s Aramco reported that they will cut back on crude oil allocation to some Asian countries.

But, prices remain well off from the previous range highs near 27.95.

A firm breakout is needed between 27.95 or 25.00 to set the direction in the near term.

Watch for potential signs of a reversal near 27.95 if the momentum eases. This could signal a possible drop in the near term to the 25.00 level of support.

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