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Free AccessOil edged higher overnight in the wake of a.....>
OIL: Oil edged higher overnight in the wake of a report pointing to a larger
than expected drawdown in headline crude inventories in the latest API inventory
survey, although a surprise build in gasoline stocks limited the initial bounce.
- This comes after the EIA cut its global crude demand forecast on Tuesday, and
lifted its 2019 forecast for U.S. crude production.
- Participants now look to Wednesday's DoE inventory release, with analysts
expecting a headline draw of ~2.2mn bbls.
- WTI bulls will have to overcome initial resistance in the form of the 06
August high ($69.92), while support can be found at the August 03 low ($67.87).
To read the full story
Sign up now for free trial access to this content.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.