Oil prices remained stable after the disappointing release of EIA supply data. A constant move above the $ 56.50 support level could open up a chance for oil prices to test the $ 58.00 resistance level before going to $ 59.00 and $ 60.50 in the long run. As for the downside movement, a break down $ 56.50 could trigger further bearish engagement to the next support at the level of 55.30. Overall, sentiment for oil prices appears to be fairly balanced, expectations of an extended deal cut in output offset by falling demand from China.


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