OLOXF - Oil To Snap 3-Day Losing Streak On Declining U.S. Stockpiles
2024-07-18 07:00:00 ET
Summary
- Oil prices are on the offensive this afternoon following US inventories data.
- EIA data had inventories falling by 4.9 million barrels as opposed to the API number and even more staggering compared to estimates of a 33000 barrel drop.
- Oil prices are on course to snap a 3-day losing streak, while price remains trapped between the 100 and 200-day MAs.
Oil prices are on the offensive this afternoon following US inventories data. In its weekly survey released on Tuesday, the American Petroleum Institute reported that U.S. oil inventories declined by 4.4 million barrels last week. This marks the third consecutive weekly decrease and significantly exceeds the consensus estimate of a 33000-barrel drop, as per a Reuters poll....
Oil To Snap 3-Day Losing Streak On Declining U.S. Stockpiles