The U.S. Energy Information Administration (EIA) reported on Wednesday that crude inventories decreased by 3.234 million barrels in the week ended August 13, following a drop of 0.447 million barrels in the previous week. Economists had forecast a draw of 1.055 million barrels.

At the same time, gasoline stocks rose by 0.696 million barrels, while analysts had expected a fall of 1.671 million barrels. Distillate stocks declined by 2.697 million barrels, while analysts had forecast a gain of 0.276 million barrels.

Meanwhile, oil production in the U.S. increased by 100,000 barrels a day to 11,400 million barrels a day.

U.S. crude oil imports averaged 6.4 million barrels per day last week, down by 46,000 barrels per day from the previous week.

FXStreet reports that Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, believes that gold’s rally higher will shortly encounter tougher resistance at $1806/12, where the yellow metal is likely to struggle.

“Gold has seen a strong bounce off the March lows at $1679/$1677, which is approaching tougher resistance offered by the 55, 100 and 200-day ma at $1806/12 and the resistance line at $1813. We suspect that this will repel the advance at least on the initial test and provoke some further consolidation.”

“Key resistance is the mid-July high at $1834, a move above here is needed to retest the $1856/57 4th June low and the $1878 2020-2021 downtrend.”

“Support at “1679/$1677 is reinforced by the $1670 June 2020 low."

FXStreet reports that Brent crude oil is threatening a top and strategists at Credit Suisse suggest that the top will be confirmed on a break below the $67.44 July low.

“Brent Crude Oil remains under pressure with weekly RSI momentum holding a clear top and bearish divergence to warn of a potential price top also.”

“Below the $67.44 July low would warn of a more serious break lower, for a move to $64.57 next, with scope for the 200-day average at $63.18.”

“Above $72.70 is needed to ease the pressure off the $67.44 July low for a recovery back to the top of the range at $75.78/77.84.”