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Crude oil unable to extend gains

FXStreet (Mumbai) - Crude oil prices at both the sides of the Atlantic are trading in the red even though the government report in the US showed crude inventories climbed less than expected.

The oil prices had shot higher following the release of the inventory data yesterday, which showed Stockpiles increased 460,000 barrels to 380.2 million last week. The prices also received a boost during the Asian session on rumors of a pipeline blast in Saudi Arabia. However, the commodity has failed to sustain gains and dipped into the red ahead of the European session.

WTI Crude for December delivery is trading 0.17% lower at USD 78.55/barrel, while Brent Crude for December delivery is trading 0.55% lower at USD 82.74/barrel. The prices may extend losses during the day ahead, if the US dollar resumes its broad based up trend during the day ahead.

Brent Crude Technical Levels

Brent has an immediate resistance located at 83.34, above which the prices can rise to 84.44 levels. On the flip side, prices may fall to 81.63 levels if the immediate support at 82.08 is breached.

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