Welcome to Extreme Investor Network, your go-to source for all things related to the stock market, trading, and financial news. Today, we are diving into the latest developments in the oil markets.
The latest data shows that U.S. crude oil imports have declined by 729,000 barrels, averaging 6.2 million barrels per day. Over the past four weeks, imports have averaged 6.8 million barrels per day. Additionally, the Strategic Petroleum Reserve has increased from 375.1 million barrels to 375.8 million barrels as the U.S. continues to buy oil for reserves.
Despite the recent pullback in oil prices towards yearly lows, the U.S. is expected to continue replenishing its reserves. Domestic oil production also saw an increase from 13.3 million barrels per day to 13.4 million barrels per day, a surprising development given the recent decline in oil prices.
Traders reacted to the EIA report by pushing WTI oil to test session highs. It is interesting to note that traders are not overly concerned about the rising U.S. domestic oil production. The overall sentiment in the oil markets has calmed down after a recent sell-off, with traders starting to buy the dip. Currently, WTI oil is pushing to settle above the $75.00 level.
Meanwhile, Brent oil has climbed above the $78.00 level, driven by a broad rebound in the oil markets. It’s always important to stay updated on economic events, so be sure to check out our economic calendar for a comprehensive look at today’s events.
Stay tuned to Extreme Investor Network for more insights, analysis, and expert opinions on the ever-evolving world of finance and investing. Happy trading!