Crude oil climbs to session high after bullish supply data

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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 1.32%.

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 November 1.

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 consumer.

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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This article appears in: Investing , Forex and Currencies

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