CRUDE OIL CHURNS ON TUESDAY, BUT LOSSES LIMITED AFTER STEEP API DRAWDOWN
- Crude Oil briefly found fresh highs on Tuesday before falling back.
- WTI tested above $83.50 per barrel before easing back to $82.50.
- API reported a steeper-than-expected drawdown in US Crude Oil supplies.
West Texas Intermediate (WTI) US Crude Oil briefly clipped into a nine-week peak just shy of $84.00 per barrel on Tuesday before mid-US session market flows pulled barrel bids back down to $82.50.
Crude Oil markets continue to be bolstered by ongoing tensions in the Middle East. The Israel-Palestinian Hamas conflict continues to roil energy markets as investors remain concerned that a cross-border spillover of the conflict would involve direct action from Iran, which backs Hamas and would threaten Crude Oil supplies and logistics stability in the region.
The American Petroleum Institute (API) noted its steepest week-on-week US Weekly Crude Oil Stocks in nearly two years; API barrel counts noted a weekly decline of -9.163 million, far below the forecast -150K drawdown and adding to the previous week’s -3 million barrel decline
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.