According to the Energy Information Agency (EIA) in the US, the commercial oil inventories (excluding the strategic oil reserve) have increased by 8 million barrels last week.
The incremental change missed the initial market expectations for a net decrease of 2.9 million barrels, which continue to be indicative of heightened oil production and import – both contributing factors to the somewhat subdued price of the commodity over the past several days.
In the report, it was further observed that:
“U.S. crude oil refinery inputs averaged 16.6 million barrels per day during the week ending December 6, 2019, which was 201,000 barrels per day less than the previous week’s average. […]Over the past four weeks, crude oil imports averaged about 6.3 million barrels per day, 17.4% less than the same four-week period last year. […] At 447.9 million barrels, U.S. crude oil inventories are about 4% above the five year average for this time of year.”
Meanwhile, the price of the crude oil continues to consolidate above the pivotal price level of 58.35, which is now being repurposed as a major level of support.
The price is currently consolidating around the price level of 59.00.
Even though the news of the heightened commercial inventories in the US bolstered the price of the commodity after the initial volatility was diminished, a strong market commitment is still lacking.
Before the bullish trend can be continued, the price would have to break out above the pivotal resistance level at 60.00, which has a psychological significance owing to the three zeros.
USOIL 4H Price Chart. Image source: Trendsharks ©, created with TradingView.com
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