The publication of today's EIA report did not significantly affect the crude oil market, but the price moved south after the news that the US SPR reserves reportedly fell by 3.2M barrels. If this is the case, then the US strategic petroleum reserves would be at the lowest level since 2003.
It is worth remembering that yesterday the acting head of the EIA said that any release from the US strategic petroleum reserve (SPR) would have only a short-lived impact on oil markets.
Additionally, the International Energy Agency and the Organization of the Petroleum Exporting Countries warned of impending oversupply and as COVID-19 cases in Europe increased the downside risks to demand recovery, which also weighed on market sentiment.
WTI crude oil (OIL.WTI) price tried to break above the $ 85.00 a barrel level several times, but to no avail. Today, the downward movement is deepening and the price fell to the lowest level since October 7. Should the sell-off continue, the major support zone is located around the $ 77.00 -76.35 zone, which is marked with previous price reactions. Source: xStation5
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