Oil prices are sprinting higher on Wednesday, touching the highest level since May 30, supported by a larger-than-expected decrease in US inventories.
Oil gains ground on Wednesday ahead of a busy US trading session. US API stockpiles data showed a bigger-than-expected decline in inventories. The US Dollar Index trades comfortably above 105.00 ahead of US CPI and the Fed’s rate decision. Oil prices are sprinting higher on Wednesday, touching the highest level since May 30, supported by a larger-than-expected decrease in US inventories. Data from the American Petroleum Institute showed on Tuesday that crude stockpiles declined by 2.
+ is set to open up its production back to normal capacity and flood the market. Looking up, the key two levels ahead of $80.00 are the 100-day and 200-day Simple Moving Averages at $79.23 and $79.27, respectively. Next, the 55-day Simple Moving Average at $80.37 is a level with a lot of resistance where any recovery rally could pause. Once broken through there, the road looks quite open to head to $87.12. The $76.00 marker is still acting as a support with the $75.
is a group of 13 Oil-producing nations who collectively decide production quotas for member countries at twice-yearly meetings. Their decisions often impact WTI Oil prices. When
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