As per usual, the Energy Information Administration in the United States is scheduled to release the most recent changes in the commercial crude oil reserves, on Wednesday.
The strategic oil reserve has been steadily growing for the past three weeks, as it was demonstrated in the previous three reports.
Image source: TradingEconomics.com
Subsequently, the price of crude oil has depreciated by net 3.19 per cent for the same period, due to the higher recorded net supply. In the last inventories report , it was stated that:
“US commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 3.1 million barrels from the previous week. At 422.6 million barrels, US crude oil inventories are at the five year average for this time of year.”
Thus, if this Wednesday’s report demonstrates that the trend of gradually increasing oil supply is maintained, the price of the commodity is more than likely to extend its mid-term losses.
Otherwise, the USOIL is more-than-likely to continue trading above the fundamentally important support level at 52.20 and attempt to extend the short-term gains.
Image source: Trendsharks ©, created with TradingView.com
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