"Oil is range-bound. "All eyes are on the EIA numbers," said Jeffrey Halley, senior market strategist at Oanda in Singapore. "A big washout of that will see oil test technical support levels. "Oil prices are facing headwinds from a likely US Fed interest rate hike next week, a strong dollar, increasing inventory builds to record levels and rising US shale oil production, he said. China demand remains strong, with crude oil imports hitting the second-highest level on record in February on a daily basis at about 8.286 million barrels per day, up 3.5 per cent on a year ago, customs data showed on Wednesday.

Source: Economic Times March 08, 2017 06:11 UTC