⚡ Easily Trade – Apple, Microsoft, Tesla and Google Stocks – Open a FREE Account Here


Oil Price Stabilizes at $85 Despite Private API Crude Inventories Growing

Crude Oil prices have been stabilizing around the $85 level and yesterday’s buildup in API inventories didn’t provide much action. However later we have the official EIA inventories, which might offer some volatility, but the Oil market is at a standstill at the moment, waiting to see how events in the Middle East will proceed.

EIA inventories are expected to show an increase as well

BrokerReviewRegulatorsMin DepositWebsite
🥇Read ReviewASIC, FSA, CBI, BVI, FSCA, FRSA, CySEC, ISA, JFSAUSD 100Visit Broker >>
🥈Read ReviewFMA, FSAUSD 50Visit Broker >>
🥉Read ReviewFSCA, CySEC, DFSA, FSA, CMAUSD 0Visit Broker >>
4Read ReviewCySEC, MISA, FSCAUSD 5Visit Broker >>
5Read ReviewFCA, CySEC, FSCA, SCBUSD 100Visit Broker >>
6Read ReviewFCA, FINMA, FSA, ASICUSD 0Visit Broker >>
7Read ReviewCySEC, FCA, FSA, FSCA, Labuan FSAUSD 100Visit Broker >>
8Read ReviewCBCS, CySEC, FCA, FSA, FSC, FSCA, CMAUSD 10Visit Broker >>
9Read ReviewASIC, CySEC, FSCA, CMAUSD 100Visit Broker >>
10Read ReviewIFSC, FSCA, ASIC, CySECUSD 1Visit Broker >>

The American Petroleum Institute (API) Crude Oil Inventory Data

  • Headline crude inventories increased by 4.09 million barrels.
  • Distillates decreased by 427,000 barrels.
  • Gasoline inventories declined by 2.51 million barrels.
  • Inventories at Cushing fell by 169,000 barrels.
  • Strategic Petroleum Reserve (SPR) inventories increased by 700,000 barrels.

These figures differ from market expectations, which were:

  • Expected increase in headline crude inventories by 1.4 million barrels.
  • Expected decrease in distillates by 0.3 million barrels.
  • Expected decrease in gasoline inventories by 0.9 million barrels.

It’s important to note that this data comes from a private survey conducted by the American Petroleum Institute and is subject to change. The official report from the U.S. Energy Information Administration (EIA) is scheduled for release on today later in the afternoon.

WTI Oil Chart Weekly – The 100 SMA Preventing Further Gains

WTI crude has been finding support at the 200 SMA (purple) on the weekly chart since March last year and this moving average held the retreat at the end of 2024 as well. The price bounced off this moving average and increased around $20, approaching $90, but has stalled there since last week and the doji suggests a bearish reversal. However, it’s early to tell, since geopolitics and Oil production/supply are playing a major role in the price action.

US WTI Crude Oil Live Chart

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies
Skerdian Meta
Lead Analyst
Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
Related Articles