Home Gold News WTI Crude Oil Prices Climbed Wednesday as a Larger-Than-Expected

WTI Crude Oil Prices Climbed Wednesday as a Larger-Than-Expected

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WTI crude oil prices climbed Wednesday as a larger-than-expected draw in weekly U.S. crude supplies and products overshadowed investor worries over the fragile recovery in crude demand. Inventories of U.S. crude fell by 4.5 million barrels for the week ended Aug. 7, beating expectations for a draw of 2.9 million barrels, according to data from the Energy Information Administration. The large draw in crude supplies comes as imports fell by about 389,000 barrels per day (bpd), data from EIA showed. Gasoline inventories – one of the products that crude is refined into – fell by 722,000 barrels, deeper than forecasts for a decline of 674,000 barrels, while supplies of distillate – the class of fuels that includes diesel and heating oil – rose by about 1.3 million barrels, less than estimates for a build of 1.7 million barrels. However, World oil demand will fall more steeply in 2020 than previously forecast due to the coronavirus and there are doubts about next year’s recovery, OPEC forecast on Wednesday, potentially making it harder for the group and its allies to support the market.

TREND : SIDEWAYS

Time                                      :           13/08/2020

Pivot                                      :           42.39

Technical View                     :             LONG ABOVE 42.59

Target                                   :            42.79, 43.26, 43.66

Technical View                     :             SHORT BELOW 42.19

Target                                   :            41.99, 41.74, 41.12, 40.62

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