(VIANEWS) – Overall product supply remained robust, which experts believe to be an indication that global demand for gasoline was surviving the surge in coronavirus illnesses for the time being.
According to Reuters, total product provided by refiners, a barometer for demand, increased to 20.5 million barrels per day in the previous four weeks, comparable to pre-pandemic levels.
Analysts said they’d be watching to see whether the higher infection rate in the United States and throughout the world had an impact on refining operations or gasoline consumption.
The US Energy Information Administration published a weekly report on Wednesday showing that US crude oil inventories increased by 3.6 Million barrels during the week ended July 30.
FXStreet confirmed that oil prices are still under severe selling pressure following this report. The barrel of West Texas Intermediate had fallen 2% to bellow $69.
Crude Oil (CL) is currently on bearish momentum. At 20:04 EST on Wednesday, 4 August, Crude Oil (CL) is at $68.47 and 2.96% down since the last session’s close.
Today’s last reported volume for Crude Oil is 478379, 100% below its average volume of 51045054512.57.
Crude Oil Range
Regarding Crude Oil’s daily highs and lows, it’s 2.562% down from its trailing 24 hours low of $70.27 and 2.962% down from its trailing 24 hours high of $70.56.
Crude Oil’s last week, last month’s, and last quarter’s current volatility was a positive 0.26%, a negative 0.04%, and a positive 1.24%, respectively.
Crude Oil’s current volatility rank, which measures how volatile a financial asset is (variation between the lowest and highest value in a period), was 0.41% (last week), 1.64% (last month), and 1.24% (last quarter), respectively.
Commodity Price Classification
According to the stochastic oscillator, a useful indicator of overbought and oversold conditions, Crude Oil’s commodity is considered to be overbought (>=80).
Last news about Crude Oil (CL)
WTI crude oil forecast: market continues to plow higher – 02 August 2021. According to DailyForex on Monday, 2 August, “The West Texas Intermediate Crude Oil market continued to show signs of strength during the trading session on Friday as it tried to break towards the $75 level. ”
WTI crude oil forecast: market breaks towards 50-day EMA – 03 August 2021. According to DailyForex on Tuesday, 3 August, “The West Texas Intermediate Crude Oil market fell rather hard during the trading session on Monday as we have gotten less-than-enthusiastic PMI figures from China. ”
More news about Crude Oil (CL).