Things to Watch Before Trading Crude Oil Today
Arslan Butt • 1 min read
The crude oil is trading bullish due to the potential risk of renewed sanctions on Iran, the second-biggest crude oil exporter of OPEC. The significant amount of supply from the market is already tightening due to OPEC-led production cuts. In addition to this, we also need to see this…
U.S. API Weekly Crude Oil Stock
The American Petroleum Institute is due to report the weekly inventory levels of the U.S. crude oil today at 20:30 (GMT). The figure shows how much oil is available in stores. We can say, the indicator provides a summary of the U.S. petroleum demand.
How Does It Impact Crude Oil Prices?
Simply, the draw in inventories increases the prices of crude oil. Whereas, the inventory builds diminishes the prices over lower demand concerns.
The previous figure reported a draw of -1.85M barrels and the uncertainty about renewed sanctions on Iran are also extending the demand for crude oil. Let’s see what API has to offer us today.
WTI Crude Oil – Trading Plan
At the moment, $71.70 is a good level to stay in sell position but only before the release of API report. As after this, the market will determine its’ trend based on the release. Stay tuned!