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US: Wholesale Inventories down -0.1% in December

Unlike what it was expected by market consensus, Wholesale Inventories in the US contracted -0.1% in December. Following a 0.6% rise in November, analysts were expecting a 0.4% rise today.

WTI trading at $96.26/bbl

According to Slobodan Drvenica, an analyst at Windsor Brokers Ltd., “Crude oil’s near-term tone is negative as the price action remains capped at the 97.00 barrier (Fib 61.8% of 98.22/95.00 descent), following a rejection of the sharp recovery from the 95.00 downturn. Yesterday’s low at 95.53 (also 76.4% of 95.00/97.00 upleg) is seen as immediate support, while a break here will expose the key support at 95.00, a loss of which would extend the down wave from 97.00 towards 94.00 (it’s 100% expansion).”
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