COMMODITY OUTLOOK on Crude Oil

Crude:-

Oil futures were mixed on Friday as the dollar index rebounded from December 6 lows for the second session, following a basket of data from the US the world’s largest energy consumer. Earlier this week the Federal Reserve voted to increase interest rates by 25 basis points for the third time this year while updating their three-year forecasts for growth inflation unemployment and interest rates. On Wednesday the Energy Information Administration released its report on US crude stocks showing a deficit of 5.1 million barrels in the week ending December 8, adding to a 5.6M drop in the previous reading, while analysts expected a 3.6M decline with total stocks now reaching 443 million barrels, remaining within the upward range on average in this time of year. Otherwise, gasoline stocks rose 5.7 million barrels while distillate stocks, including heating fuel fell 1.4 million barrels, remaining within the lower range on average in this time of year.

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