Forex Marketz Daily Forex News – Fully Markets Update
Crude oil futures were higher during the Asian trade session on Wednesday. Both headline contracts, the international Brent and the U.S. WTI, were down sharply on Tuesday after oil inventory, in the United States fell less than expected last week.
The international Brent contract was higher today but the WTI was trailing behind thanks to supply concerns.
West Texas Intermediate (WTI) crude futures, for front end delivery, by 3:30 am GMT, were trading up. This contract added six cents to trade at $57.68 per barrel, During the North American trade session, yesterday, this contract shed 3.3 percent.
Brent crude futures were also trading higher. This contract gained 25 cents to trade at $64.60 per barrel. The Brent contract fell 3.2 percent yesterday.
Crude Oil Traders Digest U.S. Inventory Data and Global Supply
According to the American Petroleum Institute (API), on Tuesday, oil inventory levels. For the previous week, in the United States fell by 1.4 million barrels to 460 million. Traders had expected a contraction of 2.7 million barrels.
Official data from the U.S. government’s Energy Information Administration (EIA) is due out today. If this print confirms the fall, it will be the fifth week in a row of losses and the longest stretch of contractions since 2018.
More than half the daily crude production in the U.S. Gulf of Mexico is still shuttered thanks to Hurricane Barry, the API report said. Most drilling companies are re-staffing facilities and will, shortly, resume production.
