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Published on 14/02/2018 10:16:39 AM | Source: Enrich Commodities India Pvt Ltd

Crude oil prices edged higher on Tuesday, aided by a bounce back in global equity markets - Enrich Commodities

CRUDEOIL

Crude oil prices edged higher on Tuesday, aided by a bounce back in global equity markets and as investors turned their attention to the upcoming U.S. supply data this week.

Prices were also boosted after OPEC said on Monday that it expected world oil demand to climb by 1.59 million barrels per day (bpd) this year, an increase of 60,000 bpd from the previous forecast, reaching 98.6 million bpd.

The American Petroleum Institute (API) on Tuesday said its weekly estimates of U.S. crude stocks showed a build of 3.947 million barrels, more than the 2.825 million barrels gain seen.

Gasoline inventories rose 4.634 million barrels, above the 1.229 million barrels expected and distillates rose 1.095 million barrels, compared to a 1.130 million barrels decline seen. Supplies at the oil storage hub of Cushing, Oklahoma, fell by 2.310 million barrels.

Technical outlook

Crude oil 4hr chart has formed "Descending channel” pattern. The last session ended up consolidated near an interim slope trend line inside the channel. As per the technical aspects of the pattern, the market is expected to continue in bearish momentum. The downside rally could test all the way through $58.50-58(3753-3721) levels in the upcoming sessions. Alternatively, if the market breaks above the interim resistance line then it might turn bullish. The upside rally could test $60-61(3849-3913) levels. Resistance holds at $61(3913) and support at $58(3721).

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