Can Oil Break Through the $50 Mark This Wednesday?

The US Crude Oil Inventories report will be published today, August 23, at 14:30 (GMT). Released by Energy Information Administration, the report is the preferred economic indicator of “Black Gold” traders.

July 2017 was an impressive month for crude oil, as it bounced back from $44.27 to break the $50 barrier after two months. While oil managed to finish July above $50, it could not hold on in August.

Crude Oil Inventories have been on a strong downtrend since July, but energy investors are still worried about the global supply surplus and OPEC’s struggle to comply with production cuts.

Do you think decreasing inventories will help reduce the excessive crude oil supply?

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5 Important Points to Consider

1. Crude Oil Inventories have been falling every week since the beginning of July.
2. Last week’s drop of 8.9M barrels was the highest since September 8, 2016.
3. The global supply surplus continues to worry energy investors.
4. OPEC is still struggling to comply with its own production cut plans.
5. Number of oil rigs increasing in the US every month.

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