Oil fell in Asian trading amid a softer outlook after the International Energy Agency slightly trimmed next year's oil-demand growth estimates.
Crude oil remains locked in a consolidation pattern, with upcoming moves dependent on holding support or breaking resistance at critical price levels.
U.S. crude oil inventories rose 2.1 million barrels to 429.7 million barrels, surpassing analyst expectations for an increase of 1.1 million barrels.
Gasoline inventories decreased by 4.4 million barrels from the previous week.
The crude oil market continues to see a lot of support in the same area, in both grades of oil that I follow here at FX Empire. The market continues to see a lot of the same action over and over again.
Crude supplies are expected to outstrip supply by more than 1 million barrels per day next year led by robust growth in the U.S., according to the International Energy Agency. In this article @LCO.1
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Oil prices dropped slightly early on Thursday on expectations of higher global production amid forecasts for weak demand growth, while a firmer dollar also kept a lid on prices.
The crude oil market continues to see a lot of back and forth on Wednesday, as the market continues to see a lot of questions as to where the demand may or may not come from in the near future. At this point, we are still holding at the massive
Oil futures were marginally higher early Wednesday.
Geopolitical tensions and revised OPEC projections weigh on demand, creating a cautious outlook for energy markets.