WTI Crude Daily Update for December 8, 2016

WTI crude oil prices rebounded off their lows but still moved down more than 1.25% following a larger than expected build in total petroleum inventories reported on Wednesday by the Department of Energy. Crude oil stocks built more than expected in Cushing Oklahoma where WTI is prices which also weighed on prices.  Resistance is seen near the December highs at 52.45, while support is seen near the 10-day moving average at 49.15.

The EIAreported that U.S.  crude oil inventories decreased by 2.4 million barrels from the previous week.  Expectations were for a 1.3-million-barrel draw. Total gasoline inventories increased by 3.4 million barrels last week and distillate fuel inventories increased by 2.5 million barrels last week. Total commercial petroleum inventories increased by 1.4 million barrels last week.

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