Home Gold News Crude Oil Prices Were Mostly Flat on Thursday, as a Boost From...

Crude Oil Prices Were Mostly Flat on Thursday, as a Boost From Lower-Than-Expected U.S. Crude Stocks.

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Oil prices were unchanged on Thursday, struggling to hold onto five-month highs reached in the previous session, as fuel demand worries caused by a second wave of coronavirus infections outweighed declines in the U.S. dollar. The two benchmark contracts rose more than 1% on Wednesday to their highest since March 6, completing a four-day rally, after the Energy Information Administration reported a much bigger than expected drop in U.S. crude stockpiles. U.S. crude inventories fell by 7.4 million barrels last week, the Energy Information Administration said.

That exceeded the draw of 3 million barrels analysts predicted. However, investors remained wary of rising U.S. refined product inventories at a time when U.S. central bankers said the resurgence in cases was slowing the economic recovery in the world’s biggest oil consumer. EIA data showed distillate stockpiles, which include diesel and heating oil, climbed to a 38-year-high, and gasoline inventories unexpectedly rose for a second week in a row.

TREND : WEAK BULLISH

Time                                      :           06/08/2020

Pivot                                      :           42.41

Technical View                     :             LONG ABOVE 42.61

Target                                   :            42.81, 43.39, 44.39, 45.23

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