Technical Analysis:
US OIL is heading towards resistance and we have liquidity left below as equal lows below. Price might drop from above and break below towards 76.94. We can look for selling opportunities from above with the confirmation of 5-15mins tf.
Fundamentals:
Crude oil prices erased some gains following an unexpected increase in U.S. crude inventories, ANZ Bank said in a Thursday note.
After posting some losses in the previous session, Brent crude gained 0.6% to US$80.21 per barrel and West Texas Intermediate crude rose 0.5% to US$77.39/b at last look early Thursday.
This comes after the U.S. Energy Information Administration reported a weekly increase in crude stockpiles of 1.4 million barrels, snapping a six-week streak of declines, the bank noted.
The EIA's report was in contrast to the American Petroleum Institute's estimate of a decline of 5.2 million barrels, ANZ Bank said. Still, gasoline and distillate inventories fell 2.9 million barrels and 1.7 million barrels, respectively.
The decrease in gasoline stockpiles helped push implied demand back above 9 million barrels per day, the bank said. Traders also remain on edge as geopolitical tensions remain high.
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