The U.S. Energy Information Administration (EIA) revealed on Wednesday that crude inventories fell by 3247 million barrels in the week ended January 8. Economists had forecast a decline of 2.266 million barrels.

At the same time, gasoline stocks rose by 4.395 million barrels, while analysts had expected a build of 2.695 million barrels. Distillate stocks jumped by 4.786 million barrels, while analysts had forecast a gain of 2.671 million barrels.

Meanwhile, oil production in the U.S. remained unchanged at 11.000 million barrels a day.

U.S. crude oil imports averaged 6.2 million barrels per day last week, increased by 0.9 million barrels per day from the previous week.

FXStreet notes that gold is attempting to recover off trendline support at $1819. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, notes that the yellow metal will face initial resistance at $1906.

“Gold sold off sharply last week all the way back to the 10-month uptrend currently at $1819. This is currently holding the downside and the market is attempting to recover.”

“Near-term rallies will find initial resistance at $1906 the 21st December high ahead of the November and September highs at $1965.84/$1973.8. This remains the barrier to the 78.6% retracement at $2006.” 

“Below the $1819 level lies key support, which remains the $1760/$1765.61 May high and 50% retracement. We view the market as having based here, and note that this support is further reinforced by the $1776 55-week ma.”