Brent Rises as US Inventories Decrease
Oil maintained gains after U.S. crude inventories fell by the most since mid-June, leaving inventories well below seasonal averages.
Brent crude traded around $67 per barrel after rising 1.6% on Wednesday, while West Texas Intermediate (WTI) hovered near $63. National inventories fell by 6 million barrels last week, according to Energy Information Administration (EIA) data. Gasoline stocks also fell for the fifth straight week.
However, oil prices are still down more than 10% year-to-date due to concerns about the impact of U.S. trade policies and as OPEC+ restores previously halted production, raising expectations of oversupply after the end of peak summer demand. Traders are also monitoring progress toward a ceasefire in the war in Ukraine.
Oil prices at the time of writing were at $67.09/Toz.
- Buy if the price moves within the $67.14 range
- Sell if the price moves within the $67.04 range
Resistance 2: $67.44
Resistance 1: $67.29
Support 1: $66.89
Support 2: $66.74
DISCLAIMER
Note: This article is analytical only and is not a definitive reference. Consider fundamental and technical developments in trading before making investment decisions.
Source: Newsmaker.id
