US OIL 04.05.2022

US OIL 04.05.2022

US OIL 04.05.2022

WTI crude futures rose 1% to above $103 per barrel on Wednesday after losing some ground in the previous session, as industry data showed drawdowns in US crude and fuel inventories, raising supply concerns and offsetting fears of a demand slowdown from top importer China. First support on further decline will be $104.48 and first resistance to be tested is $109.11 Level.

WTI crude futures rose 1% to above $103 per barrel on Wednesday after losing some ground in the previous session, as industry data showed drawdowns in US crude and fuel inventories, raising supply concerns and offsetting fears of a demand slowdown from top importer China. API reported that US crude stocks fell more than expected by 3.5 million barrels last week, bringing investors’ focus back to ongoing supply tightness. The gains also come on the back of news from Tuesday that the EU is working on new sanctions against Russia that will target its oil industry. European Commission President Ursula von der Leyen is expected to spell out the plans later on Wednesday. Meanwhile, oil prices have come under pressure recently from worries over China’s prolonged Covid lockdowns. The global manufacturing PMI contracted in April for the first time since June 2020 due in large part to China's lockdowns, clouding the picture for commodities demand.

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