Oil nears the 200-day moving average ahead of the weekly EIA inventory report

<p>WTI crude oil is trading just shy of $77 ahead of this week's EIA inventory report at the bottom of the hour.</p><p>The consensus on the data:</p><ul><li>Crude -2440K</li><li>Gasoline -1577K</li><li>Distillates +460K</li></ul><p>The API data released late yesterday:</p><ul><li>Crude -797K</li><li>Gasoline -2800K</li><li>Distillates -100K</li></ul><p>After the API data, you would expect the market to be positioned lower than the consensus. Technically, last week's high of $77.33 offers resistance, along with the 200-day moving average at $77.24.</p><p>Oil hasn't traded above the 200-dma since August of last year.</p>

This article was written by Adam Button at www.forexlive.com.