Oil markets take a breather as US supplies rise once again
|- Oil markets continue to bid up on Iran sanction concerns, but US inventory pile-ups are helping to ease topside pressure.
- The US is looking to ease market tensions about global crude supplies, which largely lie at the US administration's feet to begin with.
Crude oil is off of recent highs with WTI crude barrels back into the 72.00 level after peaking at 72.72, driven higher by incoming US sanctions on Iran and concerns about immediate supply being able to cover the loss of Iranian production in global markets.
US crude supplies showed yet another gain, with US inventories showing a rise of nearly 3 million barrels in the week to September 21st, bringing to total count to over 400 million barrels of excess supply, reversing the market's forecast of a 1.3 million barrel decrease, and the added flow of US oil is helping to take WTI back down from recent highs, though US crude prices still remain well-elevated.
WTI levels to watch
2018's multi-year high remains strung up at 75.25, and the current run-up on a rising trendline sees the current ceiling capped at 72.72, the current week's high, with support resting at the last swing low of 68.00.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.