West Texas Intermediary (WTI) Crude Oil prices struggle to capitalize on the overnight bounce from a three-week low – levels just below the $87.00/bar
A bullish USD and fuel demand worries turn out to be key factors exerting some pressure.prices struggle to capitalize on the overnight bounce from a three-week low – levels just below the $87.00/barrel mark and edges lower during the Asian session on Wednesday. The commodity currently trades around the $88.15-$88.10 area, down over 0.35% for the day, though the downside seems cushioned ahead of the OPEC+ panel meeting later today.
Apart from this, traders will take cues from the official Energy Information Administration report on US stockpiles. The weekly inventory data published by the American Petroleum Institute on Tuesday showed that US Crude Oil stockpiles possibly fell as much as 4.0 million barrels last week. The consensus estimates, meanwhile, suggest a drawdown of 0.092 million barrels as compared to a fall of 2.17 million barrels in the previous week.
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