WTI Crude Price Wobbled

WTI Crude Price Wobbled

WTI Crude Price Wobbled

WTI Crude Price Wobbled 

WTI crude price wobbled near $90 per barrel on Wednesday, remaining under pressure after an industry report showed that US crude inventories unexpectedly rose last week, in the latest sign of weakening demand.First support on a decline will be $90.44 and first resistance to be tested is $85.11 Level.

WTI crude price wobbled near $90 per barrel on Wednesday, remaining under pressure after an industry report showed that US crude inventories unexpectedly rose last week, in the latest sign of weakening demand. US crude stockpiles rose by 2.156 million barrels in the week ended August 5, defying expectations for a small 400,000 barrel drop and following another surprise build of 2.165 million barrels in the preceding week. Oil prices settled slightly lower on Tuesday after a choppy trading session as traders weighed fears of a demand-sapping global recession against news that crude flows on the Druzhba oil pipeline to some central European countries have been suspended due to transit payment issues. Investors also assessed the potential for additional supplies from Iran after the EU submitted a “final text” to revive the 2015 Iran nuclear deal late on Monday, which is currently awaiting approval from Washington and Tehran.

USOIL - WTI

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