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US Oil Prices Bounce Off the 200 SMA After API Crude Inventories

WTI crude oil prices briefly dipped below $81 earlier today but later rebounded, closing in on the day’s highs at $83.46. Several factors contributed to this rebound, including growing risk appetite, a weakening US dollar after the softer US Sevices and Manufacturing PMI, and the possibility of additional sanctions against Iran.

Crude Oil bounces as the USD retreats

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Oil prices successfully held above the $80 benchmark, indicating resilience in the face of downward pressure and buying pressure as the price of WTI got close to $80. After the US market closed, private oil inventory data was released, with expectations of a build of 1.8 million barrels of oil, along with draws of 1.4 million barrels of gasoline and 900,000 barrels of distillates. There is also speculation of a potential 4 million barrels per day draw in crude oil, which could explain some of the market enthusiasm seen late in the day.

WTI Crude Oil Chart Daily – The 200 SMA Held As Support

API Crude Oil Private Inventories

  • Headline crude inventories decreased by 3.23 million barrels, contrary to expectations of an increase of 1.8 million barrels.
  • Distillates inventories increased by 0.724 million barrels, while expectations were for a decrease of 0.9 million barrels.
  • Gasoline inventories decreased by 0.595 million barrels, compared to expectations of a decrease of 1.4 million barrels.
  • Cushing inventories decreased by 0.898 million barrels.
  • Strategic Petroleum Reserve (SPR) inventories decreased by 0.80 million barrels.

API Inventories Expectations Centred on:

  • Headline crude +1.8 mn barrels
  • Distillates -0.9 mn bbls
  • Gasoline -1.4 mn

WTI Crude Oil Live Chart

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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.
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