WTI has been in a round trip of over a dollar on the back of the API data, extending to fresh lows after previous supply.
Oil is lower overall today as Russia reportedly opposes deeper output cuts. OPEC and non-OPEC producers agreed to reduce output by 1.8 million barrels a day through to March. Nigeria and Libya, which have been not part of the OPEC-led cuts, also raised production. Meanwhile, the API data reported a drawdown that was bigger than the private inventory survey.
The American Petroleum Institute reported a drop of 5.8 million barrels in U.S. crude supplies for the week ended June 30, according to sources. The official data comes tomorrow. WTI has risen from $41.80 21st June to $47.38 4th July highs, both of which are key levels while the downside now targets $44.20 in a continuation of the 12th April high’s supply at $53.55.