Oil prices rose on Wednesday after an industry report showed that crude inventories in the United States fell against expectations, giving the market a boost amid record increases of coronavirus infections in the U.S. and elsewhere. Inventories of crude oil in the U.S. dropped by 6.8 million barrels last week to 531 million barrels, data from industry group the American Petroleum Institute showed on Tuesday. Analysts’ expectations were for an increase of 357,000 barrels. U.S. government data is due Wednesday.
Oil prices will continue to draw support from the Fed’s dovish policy, which sees the U.S. dollar move lower. The raging COVID-19 pandemic is keeping alive concerns about falling fuel demand causing an oversupplied market as record numbers of infections are reported globally, including the U.S., the world’s biggest consumer of oil.
TREND : SIDEWAYS
Time : 29/07/2020
Pivot : 41.18
Technical View : LONG ABOVE 41.38
Target : 41.58, 42.11, 42.46
Technical View : SHORT BELOW 40.98
Target : 40.78, 40.51, 40.25, 39.72