The Energy Information Administration in the US recorded a marginal decrease in the country’s strategic commercial oil reserve by 173 thousand barrels in the previous week.
The initial market consensus projected only 1.8 million barrels to have been added to the reserve, but the actual data pointed to 2.927 million barrels. Nevertheless, that number is still lower than the 3.1 million barrels that were added to the reserve the week before.
Image source: TradingEconomics.com
In the report it was further stated that the current inventories are at the usual level for that part of the year.
“U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 2.9 million barrels from the previous week. At 425.6 million barrels, U.S. crude oil inventories are at the five year average for this time of year.”
Thus, the findings of the report further supported the stabilization process of the prices in the market for crude oil.
The WTI is currently trading around 53 dollars per barrel, and the price is above the major support level at 52.10 and also above the 61.8 per cent Fibonacci Retracement level at 51.51.
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