WTI recovers to $64 as JODI data shows drop in Saudi oil exports
|- Saudi Arabia's Crude oil drops to 6.977 million BPD in February.
- Weak PMI data from Europe weigh on the sentiment.
Although the weekly EIA data showed that crude oil inventories decreased by 1.4 million barrels for the week ending April 12, crude oil prices struggled to gather momentum and the barrel of West Texas Intermediate closed the day below the $64 mark.
Earlier today, the data published by the IHS Markit showed that the business activity in the manufacturing sector continued to contract in Germany and the eurozone, causing concerns over an economic performance weaker than initially expected in the euro area. The risk-off atmosphere weighed on the demand for commodities and pushed the WTI lower to $63.50 area.
However, with the Joint Organisations Data Initiative (JODI) reporting that Saudi Arabia's crude oil exports in February dropped to 6.977 million provided a modest boost and helped the WTI retrace its daily fall.
There won't be any data releases that could impact crude oil's trading action in the remainder of the week and the WTI is likely to continue to fluctuate in its two-week-old $63.50 - $64.50 range.
Technical levels
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.