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US Oil : Concern Over Ukraine Crisis Persist

US Oil is trading higher reaching almost 1 month high level at 102.86 even after the report from the industry funded American Petroleum Institute yesterday which showed that crude stocks expanded by 7.1 million barrels last week. The Oil prices should have decreased after the report. Seems like traders are still concerned about the instability in eastern Ukraine which might have potentially disrupted the supplies as Russia is a crucial supplier of oil and natural gas to Europe. Another report from Energy Department’s Energy Information Administration which is the market benchmark will be released today at 10:30 AM EDT.

On the hourly chart, US Oil seems like trading within a rising wedge which is giving a bearish signal. Economists are expecting oil inventories to increase by 1 million. Increase in stockpiles should decrease the prices. The pair might break the support trend line of the rising and reverse the uptrend to downtrend.