The West Texas Intermediate crude futures were seen in red on Tuesday, while the markets were expecting the US crude stockpiles to be released by the American Petroleum Institute (API) later today and another report by the Energy Information Administration (EIA). Investors were also expecting oil inventories to decrease for the third week.
The fall in the WTI crude futures was due to the weak US retail sales data which knocked down the US dollar, sending the crude prices down..
The WTI futures are still high regardless, with help from the high demand in the Northern Hemisphere as the market fears the political turmoil in Egypt is affecting the overall trend.
WTI crude oil futures dropped by 0.20% to $106.11 at the time of writing, while the Brent futures lowered 0.29% to $108.78 at the same time.
The markets continue to raise concerns regarding the futures for the US monetary policy, as a recent released data showed that the US economy is improving and may lead to the Federal Reserve slowing down the asset-buying program, which may push the US dollar higher.
Over the past two weeks, the US oil inventories have decreased by over 20 million barrels, according to the Energy Information Administration (EIA). Investors are expecting the US oil stockpiles to drop.
According to data released from the Chinese National Bureau of Statistics, China processed an estimated 40% or crude in the first half of the year, with a total of 236.79 million metric tons of crude oil.
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