The West Texas Intermediate was seen fluctuating during the early trading hours on Tuesday after declining for two days ahead of the expected government reports which may show that the world’s largest oil consumer drop in crude and fuel stockpiles . Investors continue to raise concerns over the ongoing conflict in Libya and Egypt.
WTI delivery for September were seen trading nearly flat , as it fell 0.20% to $106.35 a barrel , on the New York’s Mercantile Exchange at the time of writing. While the September settlement for Brent declined , as it dropped 22 cents to $108.48 a barrel in London at the same time .
According to the median estimate survey taken by Bloomberg, the U.S gasoline stockpiles was most likely dropped by 500,000 barrels in the week ending August 2nd, while heating oil and diesel is expected to fall by 400,000 barrels.
On Monday, the US non-manufacturing data released, showed that the US economy was still growing and improving. The reports released gave oil a push, even though it did not manage to end the day with green.
The weekly American Petroleum Institute (API) report is expected to be released later today and may show a further fall in US oil and fuel supplies, after last week’s reported fall of 740,000 barrels.
The official report from the US Energy Information Administration (EIA) is expected to be released on Wednesday and likely to show a massive drop in US crude inventories, as analysts have forecasted a 1.1 million barrel drop to 363.5 million barrels last week.
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