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WTI Crude Oil Extends the Upward Rally to A Fifth Session Following EIA Data

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    • WTI Crude Oil Extends the Upward Rally to A Fifth Session Following EIA Data
15:34 IST

U.S. crude oil prices extended their upward rally to a fifth session in a row on Wednesday with advances coming after a weekly report that showed U.S. domestic crude supplies rose less than previously reported by the American Petroleum Institute.

U.S. West Texas Intermediate crude for August delivery jumped more than 0.8 percent to trade around $44.60 per barrel on Wednesday after the U.S. Energy Information Administration published its official data that pointed to a rise of 100,000 barrels in U.S. crude inventories for the week ended June 23.

Although the result defied forecasts for a decline of 3.25 million barrels, it came in well below the increase of 851,000 barrels reported by the American Petroleum Institute on Tuesday.

Trade suggestion

Buy Stop at 44.60, Take profit at 45.60, Stop loss at 44.10

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