NYMEX crude oil still sees $124

International oil prices fell on Thursday (June 9) after data released overnight showed that U.S. business inventories rose last week. However, peak summer gasoline demand continued to provide support for prices. NYMEX crude oil is still at $124.

GMT+8 15:54, NYMEX crude oil futures fell 0.48% to $121.53 a barrel; ICE Brent crude futures fell 0.36% to $123.14 a barrel.

Data released overnight by the U.S. Energy Information Administration (EIA) showed that U.S. commercial inventories rose last week. Crude inventories unexpectedly rose by 2.025 million barrels in the week to June 3; refined oil inventories surged by 2.592 million barrels.

But U.S. gasoline inventories unexpectedly fell by 812,000 barrels last week, suggesting that demand for motor fuel was resilient during the peak summer months despite high gasoline prices. Moreover, the U.S. strategic crude oil reserve is still at a record low.

Warren Patterson, head of commodities research at ING, said: "It's hard to see a clear downside in the coming months and petrol supply and demand will likely only tighten further as driving season demand is fuelling further."

EIA data showed apparent U.S. demand for all petroleum products rose to 19.5 million barrels per day, while gasoline demand rose to 8.98 million barrels per day, analysts at ANZ said in a note.

On the daily line, NYMEX crude oil is in the upward 3 waves starting from $98.20, with the upper resistance at the 161.8% target at $124.52. On the hourly chart, oil prices have started an upward iii-wave trend from $111.22, and the market outlook is expected to touch the 76.4% target at $123.99 and the 85.4% target at $125.50. Wave iii is a sub-wave of the upward (iii) wave that started at $103.25, and wave (iii) is a sub-wave of the upward ((iii)) wave that also started at $98.20. Wave ((iii)) is a sub-wave of wave 3.