- The price of a barrel of WTI rises above $ 62, recovering from Tuesday’s decline.
- Investors await weekly data on the change in crude stocks from the EIA.
Crude oil prices regained ground after Tuesday’s decline. The barril de West Texas Intermediate (WTI) posted a 1.6% daily loss and closed at $ 61.18 after hitting its highest level in more than a year at $ 62.97 on Tuesday. Before the weekly crude oil stock report from the US Energy Information Administration (EIA), WTI rises 1.9% and operates at the highs of the day near $ 62.40.
Eyes on the EIA data
The weekly report published by the American Petroleum Institute (API) showed a surprising increase of 1.02 million barrels in US crude inventories. However, the underlying details of the release revealed that there was a much larger than expected drop of 4.5 million barrels in distillate fuels.
The EIA is expected to report a 5.3 million barrel decline in oil stocks in the week ending February 19.
Meanwhile, oil producers in Texas they are slowly returning to normal production levels after last week’s disruptions due to bad weather conditions. However, oil production in the US remains well below full capacity.
Citing IIR Energy, Reuters reported Wednesday that oil refineries in the United States are expected to have 7.2 million barrels per day (bpd) of offline capacity in the week ending February 26.
Technical levels
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