Oil Prices Rise on U.S. Crude Inventories Data

Investing.com – Oil price rose on Wednesday in Asia after data showed U.S. WTI crude inventories fell for a fourth straight week.

Moreover, U.S. Crude Oil WTI Futures price were up 1.4% to $58.63 by 1:20 AM ET (05:20 GMT). International Brent Oil Futures gained 1.0% to $64.81.

So what are the published numbers of Crude Inventories?

Furthermore, Crude inventories fell by 8.1 million barrels in the week comparing to the data of 4th of July where the inventory fell by 5 million barrels, compared with analyst expectations for a decrease of 3.1 million barrels, according to data from industry group the American Petroleum Institute which helped Oil prices to rally as we mentioned before.

Official figures from the government’s Energy Information Administration (EIA) are due later on Wednesday.

Update on US and China trade war:

On the Sino-U.S. trade front, U.S. and Chinese trade officials held a “constructive” phone
conversation on Tuesday, White House economic adviser Larry Kudlow said, adding that the
two sides were discussing the possibility of a face-to-face meeting.

“There are no miracles here,” Kudlow told reporters at the White House. “There was headway last winter and spring, then it stopped. Hopefully we can pick up where we left off, but I don’t know that yet.”

China’s Commerce Ministry confirmed the phone meeting took place. The two sides “exchanged views on implementing the consensus of the two countries’ leaders at the Osaka meeting,” it said, but gave no other details.

An escalation in U.S.-Iran tensions after Tehran’s decision this week to enrich uranium beyond the levels it had committed to under the JCPOA nuclear agreement was also cited as supporting the oil markets.

Please note Today we will upload new Elliot wave analysis fro Oil price after the drop of crude inventories

Earlier this week, Iran suggested it could restart deactivated centrifuges and step up its enrichment of uranium to 20% in the future.

U.S. President Donald Trump warned Tehran over the weekend to “be very careful” about the resumption of enrichment.

 


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Hassan Hadaoui
Hassan Hadaoui
Writer and Economist
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