Oil back in the red ahead of API data, WTI breaches $ 43

Dhwani Mehta FXStreet

Oil benchmarks on both sides of the Atlantic resumed the losing streak for the fourth consecutive session today, having brought an end to a brief downside consolidative phase seen over the last hours.

Oil drops ahead of API report

Currently, both crude benchmarks trade moderately lower, with Brent down -0.44% at $ 44.93, while WTI trades -0.67% at fresh three-month lows of $ 42.84. Oil prices fell back in the red this session as negative earnings report weighed on the sentiment surrounding European stocks and therefore, crushed the appetite for risky assets.

Moreover, worries over supply glut worsened after the fresh data from market intelligence firm Genscape showed a rise of 1.1 million oil barrels at the Cushing, Oklahoma delivery hub in the week to July 22. This added to further bearish pressure on the black gold.

Markets also remain cautious heading towards the US API inventory report due later in the NA session, while the official government data conducted by the EIA will be out on Wednesday before the FOMC decision.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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