Crude oil looked stuck on the 4 hour chart in the Daily Bearish Fair Value Gap area, as well as being confirmed by the Awesome Oscillator indicator’s appearance of hidden deviations between price movements and the formation of the Ascending Broadening Wedge pattern. It is likely that the asset will.

WTI crude oil settled at $77.41, up $2.29 or 3.21% on the day. Despite a huge build in inventories today of 18.962 million barrels, the price of crude oil rose by $2.29 or 3.21% today. The gains came despite a 2.2 million draw, which was explained away as refineries shutting.

At present, the market for crude oil is a very unpredictable one. The inventory build was much greater than predicted, causing the price to drop briefly before increasing again. This was likely due to closures of refineries due to cold weather, which probably should have been taken into account in.