Oil Inventory Build Exacerbates Selling Pressure Atop a 60% Upmove

The weekly Inventory Report showed a huge build in supply, which has renewed pressure on oil prices atop its 61% Feb-Mar recovery rally.

Since yesterday's high at $41.90, Oil has rolled over from near the upper-boundary channel line just above $42.00, into a traverse of the width of the channel. Oil has traversed about half of the channel so far, and if it presses towards a full-fledged test of the lower-channel boundary, then $38.50 is the next optimal target.