Oil prices already had a busy morning this Wednesday with OPEC+ issuing its report. No surprises there as both Russia and Saudi Arabia keep their comm
The US Dollar printed a new high in the US Dollar Index, flirting with the 52-week high.prices already had a busy morning this Wednesday with OPEC+ issuing its report. No surprises there as both Russia and Saudi Arabia keep their commitment to cut until December. Meanwhile, the American Petroleum Institute issued its recent numbers overnight, communicating a drawdown of -4.21 million barrels last week against the build of 1.586 million the previous week.
Russia said that a partial lift of the current fuel export ban has been discussed, according to TASS. As any normal Wednesday, the Energy Information Administration is due to release its stockpile changes in the US. Expectations again call for a drawdown, this time from -2.17 million barrels to -0.092 million. The Cushing strategic stockpile reserve will get even more attention. Last week, it was already at a critical low level. Expect numbers to be issued near 14:30 GMT.
On the downside, a new floor has formed near $88, with the high of September 5 and 11 underpinning the current price action. Proof of this already exists with the dip of September 13 and September 21, which reversed ahead of $88. Should $88 break, the peak of August 10 needs to be enough to catch the dip near $84.20.
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