Global macro overview for 22/12/2016:
The Energy Information Administration (EIA) announced on Wednesday a 2.3 million barrel increase in US crude oil inventories during the week ending December 16. The market participants anticipated a decline of 2.4 million barrels, following the preceding week's 2.6 million barrel slip, so, the data release has surprised them a lot. This is the first data release since OPEC and non-OPEC countries had agreed on supply cut last month at the Vienna meeting.
Let's now take a look at the Crude Oil technical picture at the 4H time frame. The price is still trading above all moving averages and the series of the consecutive higher highs is supporting the fact that the bulls are in full control over this market. The next resistance is seen at the level of 54.57 and the next support is seen at the level of 51.65.
