As per usual, the Energy Information Administration in the United States is going to release its weekly adjusted statistics of the crude oil inventories in the country, regarding the refined production and the imported quantity of the commodity for the previous week. The report itself gives investors a clear indication of the most likely short-term trends in the price setting of the crude oil.
The most recent report from last week presented unconcise findings, as the overall production has decreased while the amount of the total imports has increased (additional information on the matter can be found here). Owing to the convoluted nature of the previous crude oil inventories report, the price of the WTI reacted arguably mildly to the news.
Image source: TradingEconomics.com
Currently, the price of the precious commodity is trading at 56.97 per barrel in a narrow consolidation range, just below the 38.2 per cent Fibonacci Retracement level of 57.16. This resistance level has been prevailing since the beginning of August.
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