Home Gold News Oil was Up on Wednesday Morning after the API recorded an...

Oil was Up on Wednesday Morning after the API recorded an inventory draw on Tuesday.

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Oil prices fell for the first time in four days on Wednesday, pulling back from as much as five-month highs as mounting coronavirus cases worldwide and in the United States undercut market confidence in a pickup in fuel demand. There’s still quite a bit of evidence of the oil demand recovery stalling in quite a few markets with a resurgence of COVID-19. Denting fuel demand, cities from Manila to Melbourne are tightening lockdowns to battle new infections, while Norway has stopped cruise ship traffic in the latest European travel alarm.

As per API Crude inventories were down by 8.6 million barrels in the week to Aug. 1 to 520 million barrels, compared with analysts’ expectations for a drop of 3 million barrels. Official figures from the U.S. Department of Energy are due out later on Wednesday.

TREND : WEAK BULLISH

Time                                      :           05/08/2020

Pivot                                      :           41.28

Technical View                     :             LONG ABOVE 41.48

Target                                   :            41.68, 42.57, 43.26, 44.41

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