Oil prices edge upon expected U.S Crude inventory draw...!

Oil prices nudged higher on expectation of a U.S Crude inventory draw, although trading activity was muted as markets start to wind down ahead of the chirstmas weekend. U.S West texas Intermediate (WTI) Crude Oil futures were trading at $ 53.56 per Barrel at 0634 GMT, up 26 cents from their last settlement. International Brent Crude Oil futures were at $55.57 22 cents.

Traders said the higher prices were largely due to an expected reduction in US Crude Oil inventories, which will be reported late on.

In the absence of strong fundamentals, traders said that technical supports and resistance levels would become price drivers.In the absence of strong fundamentals, traders said that technical support and resistance level would become price driver."US oil may rise to $54.37 per barrel as it has broken resistance at $53.36," said Reuters technical Commodities analyst Wang Tao".    

"Brent oil is poised to break a resistance at $55.79 per barrel,".The relatively low price expectations for 2017 come as Oil markets are expected to remain well supplied the planned output cuts.