Global macro overview for 16/02/2017:
The Energy Information Administration (EIA) reported a build in crude oil inventories for the week ending February 10.The stockpile increased 9,527k barrels, bringing the total stockpile to 5,181k barrels. The number was lower than last month buildup of 13,830k, but bigger than market expectations of 3,700k. This is bigger than expected build-up in stockpiles reported by the EIA despite the recent production limits initiated by OPEC and non-OPEC countries from January 2017 amid a global supply glut. The stockpiles, however, are far away from being top full, but the pace of build-up might start to be a litter worrying.
Let's now take a look at the Crude Oil technical picture at the H1 time frame. The news did not really change to overall picture as the market still trades inside of the trading range between the levels of 52.72 and 53.50. Any rally higher is being stopped by the bear camp, so the price is still trading below the dashed trendline as well. Only a sustained break out above the level of 53.50 would change the bias to more bullish, otherwise the market will stay in the range for some more time.
