WTI Crude Oil Weakens as API Reports Build in Inventories
WTI crude oil is trading weaker early on Wednesday following the release of the API report in the previous session; however, losses remain
WTI crude oil is trading weaker early on Wednesday following the release of the API report in the previous session; however, losses remain limited over optimism that the vaccine could contain the pandemic and improve oil demand soon. At the time of writing, WTI crude oil is trading at around $45.37 per barrel.
According to the API report which was released on Tuesday, crude inventories in the US increased by 1.14 million barrels during the past week. Economists had forecast a drawdown of 1.42 million barrels instead, and the unexpected build turned crude oil bearish.
Crude oil enjoys some support from rising hopes in the markets that the rollout of the vaccine could help drive economic recovery and increase the demand for oil across the world. Britain became the first country in the world to begin mass vaccination, and other countries are soon to start distribution as well.
Later today, WTI crude oil prices could experience movement on the release of the official EIA inventories’ report during the US session. In the wake of the latest spike in cases, the report would be able to offer more accurate insight into oil demand in the country.
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