Silver's Pullback Amid Economic Signals: Navigating PCE Data and Market Trends 
Beyond checking a box: how a social licence can help communities benefit from data reuse and AI 
Gold Struggles as Fed Cuts Rates: Market Shifts and Technical Insights 
Bitget's Rapid Growth: LaunchX Innovation and Record-Breaking Trading Volumes 
Who is Syria’s new prime minister – and what will he do? 
Holidays help us rest and recover. But Greeks and Romans weren’t always convinced 
Cryptocurrency Market Shakeup: Record ETF Outflows, Major Acquisitions, and Whale Movements 
Gold Prices Retreat as Strong Dollar Dominates: Markets Eye Economic Data and Trading Strategies 
XRP Whales Accumulate 22 Million Tokens as Market Anticipates Stablecoin Launch 
FxWirePro- Gold Trade Idea 
Crude oil prices pared some of their gains on demand concerns and a strong U.S. dollar, hitting a low of $68.60 and currently trading around $68.60.
EIA Reports Smaller-Than-Expected Inventory Drop
For the week ending December 13, 2024, the U.S. Energy Information Administration (EIA) reported a decrease of 900,000 barrels in commercial crude oil inventories, which was less than the expected 1.6 million barrel decline. Current U.S. commercial crude oil stocks are around 421 million barrels, about 6% below the five-year average for this time of year. This draw is also smaller than the 4.7 million barrel decrease reported by the American Petroleum Institute (API) for the same week. The smaller inventory drop has put downward pressure on crude oil prices, especially as the U.S. dollar has strengthened due to expectations of fewer interest rate cuts from the Federal Reserve.
Sinopec’s Predictions Signal Shifts in Oil Demand
Sinopec, China's largest oil refiner, predicts that China's crude oil imports will peak by 2025, with total oil consumption expected to reach its maximum by 2027. This shift is attributed to declining demand for traditional fuels like gasoline and diesel due to the rise of electric vehicles (EVs) and alternative energy sources. Despite the anticipated peaks in demand, Sinopec expects refinery capacity to keep growing, potentially leading to an oversupply of refined products. These changes reflect a significant transition in China's energy consumption towards cleaner energy and reduced reliance on fossil fuels. Overall, Sinopec's outlook indicates a major shift in China's oil industry and energy policy for a more sustainable future.
Resistance and Support Levels for Crude Oil
Crude oil faces significant resistance at $69; breaking above this level could lead to prices rising to $70, $70.45, $70.80, $71.40, or even $72.60. Conversely, if prices fall below the near-term support of around $68, targets could drop to $67 or $66.60. Current market indicators suggest a bearish trend. A suggested trading strategy involves selling on rallies around $69.58-60, with a stop-loss of around $70.50 for a target price of $66.60.
