Oil jumps near 6-week high ahead of EIA weekly report

2019-09-11 13:14:13 GMT (Economies.com)
Oil jumps near 6-week high ahead of EIA weekly report

Oil maintained its gains as the US market opened today, which were suspended yesterday on profit taking from 6-week high, as the US oil inventories fell according to the API data, ahead of the official data release in the EIA weekly report today.

 

As of 12:45 GMT, WTI rose to $58.10 a barrel, from the opening of $57.84, with a high of $58.27, and a low of $57.66.

 

WTI closed lower by 0.2% yesterday, its first loss in 5 days, on profit taking from a 6-week high of $58.73l.

 

While yesterday, the American Petroleum Institute (API) revealed in preliminary data that oil inventories fell by 7.2 million barrels during last week, in the third weekly drop in 1 month

 

The official data on inventories and production levels will be released later today, by the US Energy Information Administration's weekly report, with forecasts of drop by 2.7 million barrels for the fourth week.

 

While the production fell by 100,000 bpd in the previous week,production levels fell by about 100 thousand barrels per day last week, to fall from the all-time highest record at 12.5 million bpd.

 
 
 
  Symbol Last Change Chg.%
1.1019
-0.0001
0.0065%
1.2472
0.0003
0.0236%
17.964
0.513
2.940%
58.477
3.583
6.527%
64.28
-0.12
0.19%
1516.410
27.430
1.842%
 
 
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