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Crude Oil Price: Daily Bullish Ranging for Correction

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by , 05-04-2019 at 05:06 PM (97 Views)
          
   
Crude oil dipped 1.17 percent to $62.15/bbl over the last 5 trading days, inking back-to-back weekly losses for the commodity. The primary driver of recent downside could be attributed to reports from the EIA that crossed the wires during Thursday’s session which stated US crude stockpiles skyrocketed 9.9m/bbl to their highest level since September 2017.

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Ballooning crude oil production in the US now tops 12m/bpd and largely contributed to the recent bulge in oil inventories. The trend looks to continue after the Trump administration announced that the Interior Department released a fresh set of regulations last week that makes offshore oil drilling easier for energy companies. That being said, the updated EIA short-term energy outlook report is due for release on May 7 and looks to provide oil market participants with the latest comprehensive insight over potential supply and demand imbalances.

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