Home Gold News Oil Held a Loss — but Remained Near a Five-Month High

Oil Held a Loss — but Remained Near a Five-Month High

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Oil held a loss — but remained near a five-month high — as an industry report pointing to another drop in American crude stockpiles was overshadowed by the coronavirus and a lack of progress on U.S. stimulus talks. Futures in New York edged higher toward $42 a barrel after losing 0.8% Tuesday. The American Petroleum Institute reported inventories fell by 4.01 million barrels last week, according to people familiar with the data. That would be the third straight weekly drop if confirmed by government figures. American crude oil production would be 11.26 million barrels a day this year, the Energy Information Administration forecast, down from July’s 11.63 million estimate. Gasoline and distillates stockpiles also fell last week, the API said, while inventories at the Cushing storage hub rose by 1.1 million barrels.

TREND : SIDEWAYS

Time                                      :           12/08/2020

Pivot                                      :           42.06

Technical View                     :             LONG ABOVE 42.26

Target                                   :            42.46, 42.79, 43.56, 44.14

Technical View                     :             SHORT BELOW 41.86

Target                                   :            41.66, 41.04, 40.56, 39.69

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