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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 13 17 02:49 ET

For the 24 hours to 23:00 GMT, Crude Oil declined 1.02% against the USD and closed at USD57.43 per barrel, after the Energy Information Administration (EIA), in its monthly report, lowered its global crude demand projection and raised its US crude output forecast for 2018.

The agency predicted that US crude oil output will rise by 780,000 barrels per day (bpd) to 10.02 million bpd in 2018, while global oil demand growth forecast for 2018 was lowered by 40,000 bpd to 1.62 million bpd.

Separately, the American Petroleum Institute (API) stated that US crude oil inventories fell by 7.4 million barrels to 444.4 million barrels last week.

In the Asian session, at GMT0400, the pair is trading at 57.54, with oil trading 0.19% higher against the USD from yesterday's close.

The pair is expected to find support at 56.74, and a fall through could take it to the next support level of 55.94. The pair is expected to find its first resistance at 58.45, and a rise through could take it to the next resistance level of 59.36.

Crude oil is trading below its 20 Hr and 50 Hr moving averages.

GCI Financial

DISCLAIMER : GCI's Daily Market Commentary is provided for informational purposes only. The information contained in these reports is gathered from reputable news sources and is not intended to be used as investment advice. GCI assumes no responsibility or liability from gains or losses incurred by the information herein contained.

 

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