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Crude Shrugs off Bearish EIA Data as Supply Continues to Rise

The EIA reported U.S. Crude Oil Inventories were up 10.01 million barrels last week versus estimates of 1.8-2.3 million barrels, the largest build since 2001. Even though this is quite bearish, crude is still green on the day and is slightly higher following the data. Peter Amandio, President of Chicago Energies, explains that while there are fundamental factors providing support to the complex, it really has been a technical trade. These are the levels Amandio has on his screens.