9 weeks of inventory gains weighing
WTI crude oil is trading at a one-month low and threatening the trendline since early December.
Today’s inventory report showed the ninth consecutive week of gains, including a whopping 8.2 million barrels headed into storage last week. That was somewhat offset by large drawdowns in gasoline and distillates. Initially, that boosted crude to the best levels of US trading but it’s now fallen to fresh session lows, down $1.00 to $52.13.
