Welcome to Extreme Investor Network, where we provide you with unique insights and analysis on the latest movements in the stock market and trading world. Today, we’re diving into the recent data on crude oil imports, domestic oil production, and the Strategic Petroleum Reserve.
According to the latest report, crude oil imports have increased by 171,000 bpd, with an average of 6.6 million bpd over the past four weeks. On the other hand, domestic oil production saw a significant increase of 13.2 million bpd to 13.3 million bpd as companies resumed operations after the recent hurricane.
The Strategic Petroleum Reserve also saw an increase, rising from 381.6 million barrels to 382.6 million barrels as the U.S. continued to bolster their reserves by purchasing oil.
In response to the report, WTI oil has moved away from session highs and is currently attempting to settle below the $71.50 level. Traders are keeping a close eye on the situation in the Middle East and awaiting Israel’s response to Iran’s recent attack to gauge the impact on oil prices.
Meanwhile, Brent oil has pulled back below the $75.50 level following the EIA data release. It’s likely that Middle East tensions will continue to be the primary driver for Brent oil in today’s trading session.
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