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Brent Oil rallied from the Wednesday's Asian session low of $55.31 to $56.09 before ending the day with marginal gains at $55.68 levels. The price action could be best described by "spinning bottom candlestick pattern".
Macro data/news
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US oil inventories decreased by 6 million barrels
The Energy Information Administration [EIA's] summary of the inventory data for the weekend ending September 29, 2017 showed that commercial Crude Oil inventories in the US decreased by 6.0 million barrels from the previous week. Refineries operated at 88.1% of their operable capacity last week. Gasoline production remained virtually unchanged last week.
Record US exports wipe out OPEC output cuts
The EIA said late on Wednesday that the US Crude Oil exports jumped to 1.98 million barrels per day [bpd] last week, surpassing the 1.5 million bpd record set the previous week. What it means is that the US has wiped out nine months of OPEC output cuts in just two weeks. The 11 members of OPEC have cut their production in September by 1.041 mbpd.
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Putin - Oil output cut deal could be extended to end of 2018
Russian President Putin said yesterday that his country is open to extending the output cut deal to end of 2018.
Despite record US crude exports, Brent Oil managed to hold above the Wednesday's Asian session low of $55.31. It clearly indicates that the sellers have run out of steam and that there is potential for a rally to $56.50-57.00 levels in the short-run.
Technicals
Daily chart - Spinning bottom
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.