Home Gold News Oil Slides Due to Crude Inventories Data

Oil Slides Due to Crude Inventories Data

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Oil prices fell on Wednesday as industry data showed a bigger- than-expected inventory build in the United States where coronavirus cases continue to climb, potentially further denting demand in the world’s biggest oil consumer. In his first briefing in months focused on the pandemic, U.S. President Donald Trump said that the outbreak would probably get worse before it gets better, one of his first recent acknowledgements of the spread of the problem. Industry group American Petroleum Institute (API) reported U.S. crude inventories rose last week by 7.5 million barrels compared with expectations for a draw of 2.1 million. The U.S. Energy Information Administration (EIA) will release official oil inventory data later on Wednesday. Economic data from Japan, the world’s fourth-largest oil consumer, also weighed on prices. Factory activity contracted for a 15th straight month in July, indicating lower economic activity because of the pandemic is extending into the third quarter

TREND : WEAK BULLISH / SIDEWAYS

Time                                      :               22/07/2020

Pivot                                     :               41.58

Technical View                     :               LONG ABOVE 41.78

Target                                   :               41.98, 42.76, 43.57, 44.61

Technical View                     :               SHORT BELOW 41.36

Target                                   :               41.18, 40.52, 39.59, 38.68

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