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Crude Oil: Oil Reverses Its Losses, Ahead Of EIA's Weekly Crude Oil Inventories Data Print E-mail
Analysis | Commodity Market Commentaries | Written by GCI Financial | Wed Dec 06 17 03:04 ET

For the 24 hours to 23:00 GMT, Crude Oil declined 0.09% against the USD and closed at USD57.36 per barrel. Meanwhile, the American Petroleum Institute (API) indicated that US crude oil stockpiles fell by 5.5 million barrels to 451.8 million barrels in the week ended 01 December.

However, crude prices lost ground, after the API reported a massive build of 9.2 million barrels in gasoline inventories during the week ended 01 December.

In the Asian session, at GMT0400, the pair is trading at 57.42, with oil trading 0.1% higher against the USD from yesterday's close.

The pair is expected to find support at 57.03, and a fall through could take it to the next support level of 56.63. The pair is expected to find its first resistance at 57.87, and a rise through could take it to the next resistance level of 58.31.

Crude oil is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.

GCI Financial

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