Investing.com - Crude oil futures edged lower on Thursday, as
traders were awaiting data from the U.S. government on oil and fuel
supplies later in the day to gauge the strength of demand from the
world's largest oil consumer.
On the New York Mercantile Exchange, light sweet crude futures for
delivery in December traded at USD93.65 a barrel during European
morning trade, down 0.25%.
New York-traded oil futures traded in a range between USD93.45 a
barrel, the daily low and a session high of USD94.02 a barrel.
The December contract settled 0.9% higher on Wednesday to end at
USD93.88 a barrel.
Oil futures were likely to find support at USD92.86 a barrel, the
low from November 12 and resistance at USD95.22 a barrel, the high
from November 12.
After markets closed Wednesday, the American Petroleum Institute,
an industry group, said that U.S. crude inventories rose by 600,000
barrels last week, while gasoline stockpiles increased 1.7 million
Thursday's government report, which comes out a day later than
usual due to the Veterans Day holiday on Monday, was expected to
show that crude oil stockpiles rose by 1 million barrels last week,
while gasoline inventories were forecast to fall by 700,000
Total U.S. crude oil inventories stood at 385.4 million barrels as
of last week, the highest since June.
Investors also looked ahead a Senate hearing later in the day to
confirm Janet Yellen as the first chairwoman of the Federal
Reserve, for indications on the future course of U.S. monetary
In a statement released late Wednesday, Yellen said the job market
and economy are "performing far short of their potential" and there
is "more work to do" on recovery.
Elsewhere, on the ICE Futures Exchange, Brent oil futures for
January delivery rose 0.25% to trade at USD107.14 a barrel, with
the spread between the Brent and crude contracts standing at
USD13.49 a barrel.
London-traded Brent prices have been well-supported in recent
sessions amid growing concerns over a disruption to supplies from
Libya and after talks aimed at curbing Iran's nuclear program and
relaxing sanctions against the oil producer stalled over the
The next round of talks between Tehran and Western powers will take
place on November 20.
Trade sanctions slapped on Iran due to its alleged nuclear
ambitions have taken out more than one million barrels per day of
oil from the global market.
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