WTI Crude Oil Outlook: EIA Storage Data and OPEC “Supply Cuts”

 

Markets are agitated by “supply cut” comments before inventory data. In an interview with Bloomberg, the Saudi energy minister said that OPEC+ has the resources to handle oil market difficulties, including production restrictions. As soon as the markets reacted, the prices of WTI and Brent soared by 1% and 0.8%, respectively. As summer comes to a close, US drivers can now breathe a lot easier at the petrol pumps thanks to gradually falling gas prices (US driving season). WTI trades just below the pre-invasion level of $93, even if prices have dropped.

Technical levels for WTI

As seen by the prolonged lower wick in yesterday’s daily candle, comments from the Saudi energy minister seem to have contributed to the creation of a low of 85.75 with a quick rejection of lower pricing.

 

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