Crude rises ahead of release of U.S. supply data
Published Nov 13, 2013 01:12PM ET
On the New York Mercantile Exchange, light sweet crude futures for delivery in December traded at USD94.32 a barrel during U.S. trading, up 1.38%.
The commodity hit a session low of USD92.93 and a high of USD94.51. The December contract settled down 2.21% at USD93.04 a barrel on Tuesday.
Oil futures were likely to find support at USD92.88 a barrel, Tuesday's low, and resistance at USD95.38 a barrel, Monday's high.
Oil traders were awaiting the release of weekly information on U.S. stockpiles of crude and refined products to gauge the strength of oil demand in the world’s largest oil consumer.
The American Petroleum Institute will release its inventories report later in the day, while Thursday’s government report could show crude stockpiles rose by 994,000 barrels.
The data comes out a day later than usual due to the Veterans Day holiday on Monday.
Total U.S. crude oil inventories stood at 385.4 million barrels as of last week, the highest since June.
Concerns that the inventory data may disappoint sent prices falling on Tuesday before a wave of optimism flooded the market and fanned expectations that the data won't be disappointing.
Recent jobs and economic growth reports have surprised on the upside in recent days, painting a picture of a more robust U.S. economy, one that will demand more fuel and energy going forward.
Meanwhile on the ICE Futures Exchange, Brent oil futures for December delivery were up 1.21% at USD106.82 a barrel, up USD12.50 from its U.S. counterpart.
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Written By: Investing.com
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