The American Petroleum Institute (API) reported on Tuesday that U.S. crude-oil inventories fell 8.6 million barrels last week, the biggest decline since August 2019 On Wednesday, the Energy Information Administration (EIA) will release official crude oil inventories data for the same week -3.00 million expected after -10.6 million the previous week Crude oil prices remains on the upside Prices broke above a previous top area at 41.4 now acting as a support, due to the polarity principle The ascending 50-period moving average is supporting prices The RSI is bullish, above its signal line but nearing the overbought area at 70% Above 41.40, further advance is expected towards July top and Fibonacci projection area at 42.55 and 43.35 in extension Alternatively, below 41.40, look for a decline towards 40.50
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