Welcome to Extreme Investor Network, where we provide you with the latest insights and analysis on the stock market, trading, and Wall Street trends. Today, we dive into the world of crude oil and its impact on the market.
In the latest news, crude oil imports have seen an increase, averaging 6.7 million barrels per day. This rise of 424,000 barrels per day from the previous week signals a growing demand for oil in the market. Additionally, the Strategic Petroleum Reserve has seen an increase from 362.3 million barrels to 363.1 million barrels as the U.S. continues to buy oil for strategic reserves. These purchases have acted as a positive catalyst for oil markets this year, influencing price dynamics.
Despite the increase in oil prices, domestic oil production has remained unchanged at 13.1 million barrels. Traders are keeping a close eye on this, as any changes in domestic oil production can significantly impact oil price movement.
In the trading world, WTI oil has made moves to settle above the $81.50 level, even after a surprising increase in crude oil inventories. The recent API report showed a 9.3 million barrel increase in inventories, but market confidence is leaning towards the EIA numbers, which were seen as bullish in response to the API report.
On the other hand, Brent oil has been inching towards the $85.50 level as traders react to the latest EIA report. Currently consolidating above the $85.00 level, traders are eagerly awaiting stronger catalysts that could potentially push Brent oil out of its current trading range.
For those looking to stay up to date on economic events, be sure to check out our economic calendar for a comprehensive look at all of today’s events.
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