Oil steadied above $91 ahead of U.S. inventory data that was expected to show a drawdown in crude stocks for the fourth consecutive week. EIA will release its weekly fuel stocks report today, API reported crude oil stocks rose unexpectedly by 3.1 million barrels in the week to Dec. 24. Gasoline stocks fell by 3.1mbls and distillate stocks raised 1.4mbls, whereas inventories were expected to be down 2.6mbls, while gasoline stocks were seen up 1.4mbls. Distillates were expected to be down 600k barrels. Warmer weather forecasts after the blizzard that pummeled the U.S. Northeast also cast doubts on sustained domestic demand for heating fuel, weighing on crude prices. Now technically market getting support at 4108 and below could see a test of 4093 level, And resistance is now likely to be seen at 4143, a move above could see prices testing 4163.

Trading Ideas:

Crude trading range is 4095-4197.

Crude oil ended flat as traded in the range ahead of inventory’s.

Crude looks to test support at 4108 and resistance is seen at 4163.

API reported crude oil stocks rose unexpectedly by 3.1mbls, gasoline stocks fell by 3.1mbls.

SELL CRUDE JAN @ 4160 SL 4190 TGT 4130-4110.MCX

Crude $ is Trading at : 91.4$