Energy Preview: WTI crude oil off 3-week high in early Asian trades

WTI crude oil inventories are paring gains from a three week high after the commodity surged 2.5% yesterday and over 1% a day before. Profit taking was witnessed at higher levels. Ongoing geopolitical tensions in the Middle East and Russia are however keeping oil prices supported. Meanwhile, data showed US crude oil inventories falling, could also limit downside in the counter. Crude oil inventories in the United States decreased by 607,000 barrels during the week ending September 19, after shrinking by 9.3 million barrels in the week prior, according to new data from the U.S. Energy Information Administration (EIA) released on Wednesday. The move brings commercial stockpiles to 414.8 million barrels according to government data, which is 4% below the five-year average for this time of year. The EIA?s data release follows API?s figures that were released a day earlier, which suggested that crude oil inventories contracted by 3.82 million barrels. Currently, WTI crude oil is quoting at $64.75 per barrel, down 0.37% on the day.

Powered by Commodity Insights