Crude Oil WTI

Oil prices rebound after knock from U.S. driving season data

Crude Oil WTI was trading 0.13% up at  $70.04.

Oil prices rose on Thursday a day after slipping on data indicating weak U.S. driving season fuel demand as investors eyed upcoming U.S. economic data.

Brent Crude Oil futures were up 18 cents, or 0.25%, at $72.40 a barrel by 1024 GMT, holding just shy of a high not seen since May 2019.

U.S. West Texas Intermediate oil futures rose 11 cents, or 0.16%, to $70.07 a barrel, staying near its highest since Oct. 2018.

“The market is recovering impressively from yesterday’s dismal weekly EIA report, the drop in weekly gasoline demand was particularly disappointing,” said Tamas Varga, analyst at PVM Oil Associates.

“It will interesting to see whether the monthly OPEC report due out later will confirm last month’s upbeat demand assessment for the second half the year. If it does, as expected, it should support oil prices.”

Varga added that U.S. inflation data and jobless claims would provide more direction on the health of world’s biggest economy and clues as to whether the Federal Reserve might start tapering stimulus.

U.S Crude oil stockpiles that include the Strategic Petroleum Reserve (SPR) fell for the 11th straight week as refiners ramped up output, but fuel inventories grew sharply due to weak consumer demand, the Energy Information Administration (EIA) said on Wednesday.

On the technical front, Crude Oil WTI, RSI stood at 67.518, the current price is trading  Above All the Moving Averages . So, a  Buy  trade can be executed with the following target and stop-loss:

TRADE SIGNAL- Crude Oil WTI– Buy: 70.10, TARGET:- 80.10, STOP LOSS:- 65.10.

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