Investing.com - " Crude oil futures extended gains on Wednesday,
after a government report showed that U.S. oil supplies rose
less-than-expected last week.
On the New York Mercantile Exchange, light sweet crude futures for
delivery in December traded at USD94.55 a barrel during U.S.
morning trade, up 1.25%.
Nymex oil prices traded at USD94.38 a barrel prior to the release
of the supply data.
New York-traded oil futures traded in a range between USD93.36 a
barrel, the daily low and a session high of USD94.65 a barrel.
The December contract fell to USD93.07 a barrel on Tuesday, the
lowest since June 24, before settling at USD93.37 a barrel, down
Oil futures were likely to find support at USD93.07 a barrel,
Tuesday's low and resistance at USD96.64 a barrel, the high from
The U.S. Energy Information Administration said in its weekly
report that U.S. crude oil inventories rose by 1.57 million barrels
in the week ended November 1, compared to expectations for an
increase of 1.63 million barrels.
Total U.S. crude oil inventories stood at 385.4 million barrels.
The report also showed that total motor gasoline inventories
declined by 3.8 million barrels, compared to expectations for a
drop of 338,000 barrels.
U.S. crude prices have been on a downward trend in recent weeks
amid concerns the recent U.S. government shutdown created a drag on
economic growth and eroded demand in the world's largest oil
Market players now looked ahead to the release of key U.S. economic
data later in the week to help assess the timing for a reduction in
the Federal Reserve's bond-purchasing program.
The U.S. is set to release preliminary data on third quarter
economic growth on Thursday, while October's highly-anticipated
nonfarm payrolls report is scheduled for Friday.
Elsewhere, on the ICE Futures Exchange, Brent oil futures for
December delivery rose 0.55% to trade at USD105.90 a barrel, with
the spread between the Brent and crude contracts standing at
USD11.35 a barrel.
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