Crude ended lower on Wednesday in choppy trading after a government report showed rising refined products inventories and weak demand for gasoline, offsetting a bigger-than-expected drop in crude stocks. U. S. commercial crude oil stocks fell 6.7 million barrels last week, the U. S. Energy Information Administration said in its weekly report. But the EIA also reported gasoline stockpiles rose 1.94 million barrels and distillate stockpiles rose 1.71 million barrels. Libya will begin exporting crude oil from the eastern port of Tobruk within ten days and could be producing 1 million barrels per day within six months. Japan's commercial crude inventories last week rose 4.7 percent despite a pick-up in refinery utilization, industry data showed. Now technically market is trading in the range as RSI for 18days is currently indicating 57.75, where as 50DMA is at 4076.96 and crude is trading above the same and getting support at 4218 and below could see a test of 4182 level, And resistance is now likely to be seen at 4289, a move above could see prices testing 4324.
Crude trading range is 4182-4324.
Crude oil slipped amid disappointing economic figures and concerns about demand from Europe
EIA said U. S. commercial crude oil inventories decreased by 6.70 million barrels
Japan's commercial crude inventories last week rose 4.7 percent despite a pick-up in refinery utilization