WTI Crude Oil Continues To Fall Despite Inventory Decline
$USO, $OIL, $ICE
WTI Crude Oil prices fell Wednesday despite the fact that government report showed that US Crude stocks decreased last week.
US Crude supplies last week lost 5.5 bbl to 450.8-M, but + 90.3-M bbl from a year ago, according to a weekly report released by Energy Information Administration (EIA) Wednesday.
Inventories at Cushing, OK, the delivery point for the US contract, added 0.25-M bbl to 57.7-M bbl.
US Crude Oil production fell 11,000 bbl to 9.337-M BPD that week.
Oil prices fell too as the USD appreciated Vs other currencies. A stronger Buck made the $-priced Crude Oil more expensive and less attractive for buyers holding other currencies.
WTI Crude Oil for Oct delivery moved down 0.71 to settle at 38.6 bbl on the New York Merc. Brent Crude for Sept delivery finished – 0.07 to close at 43.14 bbl on the London ICE Future Exchange (NYSE:ICE).
HeffX-LTN Analysis for USO: | Overall | Short | Intermediate | Long |
Bearish (-0.34) | Bearish (-0.41) | Bearish (-0.47) | Neutral (-0.14) |
HeffX-LTN Analysis for OIL: | Overall | Short | Intermediate | Long |
Bearish (-0.34) | Bearish (-0.41) | Bearish (-0.48) | Neutral (-0.14) |
Stay tuned…
HeffX-LTN
Paul Ebeling
The post WTI Crude Oil Continues To Fall Despite Inventory Decline appeared first on Live Trading News.