There’s been a move higher in the price of Oil in recent minutes after two key developments, the release of DOE inventory figures and a press conference from the Saudi minister of defence. Given the recent developments in the Middle East these have taken precedence in terms of importance with the minister stating his belief that the attack was “unquestionably sponsored” by Iran. While this is clearly laying some blame at Iran’s door the semantics are somewhat debatable as claiming that Iran “sponsored” the attack is arguably a softer stance than saying they were directly behind it. Oil and Oil.WTI have both gained in recent trade to move off their daily lows but as of yet the markets remain within their prior range.
The weekly US crude oil inventories came in as follows:
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Inventories: +1.1M vs -2.3M exp. Prior +6.9M. API: +5.9M
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Gasoline: +0.8M vs -0.8M exp
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Distillates: +0.4M vs +0.5M exp
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Cushing: -0.6M. API: -8.5M
Oil has moved off its lowest level of the day in recent trade as the Saudi defence minister implicated Iran in last weekend’s attacks. The region around 63.50 could be seen as possible support with 65.00 potential resistance. Source: xStation
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