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Crude oil prices pared some of its gains after hitting a five-month high. It hit a high of $79.24 and currently trading around $77.50.
The fresh reports have indicated that U.S. crude oil inventories have a higher decline than expected. According to the American Petroleum Institute, this situation's main points are as follows.
Change in Crude Oil Stocks
The API said for the week to January 10, 2025, that crude oil stocks in the United States declined by 2.6 million barrels. It is coming at a time when many analysts were expecting that stockpiles had begun to drop
As of January 15, 2025, there have been serious talks about a ceasefire between Hamas and Israel. Hamas accepted a draft agreement that would free the hostages who have been taken since the October 2023 outbreak of war. The United States and Qatar are facilitating the talks, and US Secretary of State Antony Blinken said that an agreement might be announced shortly. The three-stage ceasefire plan, spanning over 42 days, was a hostage release in exchange for Palestinian prisoners. Such steps notwithstanding, violence continues to be witnessed in Gaza, and time is of the essence as U.S. leadership will change soon.
Price Resistance and Support Levels
The near-term resistance is around $80; any breach above this level could push prices higher to $81/$82.24/$82.90/$84.45. On the downside, immediate support is at $76.80, violation below targets $76/$75/$74.
It is good to buy on dips around $76 with a stop-loss around $74 and a target price of $80.
