Benchmark Brent crude LCOc1 was up 80 cents a barrel at $54.18 by 1025 GMT (0625 EDT), after settling 8 cents higher in the previous session. U.S. crude CLc1 rose 30 cents to $49.09, after ending the previous session up 81 cents, or 1.7 percent. U.S. crude stockpiles fell by 4.2 million barrels in the week to July 24, more than 20 times analysts' expectations of a decrease of 184,000 barrels, Energy Information Administration data showed on Wednesday. Gasoline stocks dropped by 363,000 barrels, against analysts' forecasts of a 512,000-barrel gain. [EIA/S]
Crude oil prices continued to oscillate in a choppy range as traders weighed the conflicting influence of a weaker US Dollar – a source of support because the WTI benchmark is priced in terms of the greenback – and growing swing supply. US crude inventories and exports jumped to record highs last week, with the latter swelling by the most in almost three years.
Crude oil price standstill continues. A daily close above range resistance at 53.86 paves the way for a test of the 55.21-65 area (January 3 high, 38.2% Fibonacci expansion). Alternatively, a turn below rising trend line support, now at 51.92, sees the next downside barrier at 50.25, the 38.2% Fib retracement.
more at: http://finance.yahoo.com/news/crude-oil-prices-torn-between-043900794.html