The US Inventory Data Ahead
World
oil prices rose moderately on Tuesday (Wednesday morning EDT), when the
traders waiting for the commercial supply of data downloads that could
explain the view of consumer demand in the world's largest crude oil it.
The benchmark us light sweet crude or West Texas Intermediate (WTI) for September delivery ended at 42,62 u.s. dollars a barrel on the New York Mercantile Exchange, up 75 cents from Monday's closing.
Brent
North Sea crude oil for delivery in October, international reference,
spent most of the day in the Red position but with difficulty managed to
gain seven cents, be settled in 48,81 u.s. dollars per barrel in London
trade.
"Today there's not too many that affect the price," said Matt Smith, Director of commodity research at Clipper Data.
Smith
pointed to the WTI turned up or "rebound" ahead of the weekly oil data
report of the American Petroleum Institute (API), said the consensus
estimates for a decline of two million barrels in the US crude oil
inventories.
The FLAME is scheduled to publish its report after the market closed on Tuesday local time. Meanwhile, the weekly inventory report from the official Us Department of energy (DoE) will be released on Wednesday.
The
experts survey estimated average DoE will report
that US crude oil reserves had dropped 750,000 barrels for the week
ending August 14.
"We will look at building a ' bearish ', which would send prices are moving lower again," Smith said.
Some analysts predict it will happen. Carl Larry of Frost Sullivan said he estimates & throttling use of refinery problems and a large refinery in Whiting, Indiana, will add to U.S. crude oil inventories approaching the high levels. But Larry said that WTI was out of position after lowes fell about 30 percent in the last two months.
"The territory of 40 us dollars is quite low, it's the lowest we have seen in quite a long time, since 2009, and I think there is a little room to move lower," he said, citing the 38 u.s. dollars per barrel as a "worst case". https://www.mql5.com/en/signals/120434
