Crude Oil Tips Today: West Texas Crude Oil (WTI) edges higher Wednesday in the European trading session. The prices took shelter near the multi-month support near $70.00.
Market reaction
Crude oil prices remain under heavy selling pressure after this report. As of writing, the barrel of West Texas Intermediate was down 2% on the day at $68.80.
Additional takeaways
“Total motor gasoline inventories decreased by 5.3 million barrels last week.”
“US crude oil refinery inputs averaged 15.9 million barrels per day during the week ending July 30, 2021, which was 46,000 barrels per day more than the previous week’s average.”
“US crude oil imports averaged 6.4 million barrels per day last week, down by 75,000 barrels per day from the previous week.”
“Total products supplied over the last four-week period averaged 20.5 million barrels a day, up by 12.4% from the same period last year.”
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