Oil prices this morning are suffering a little, but Brent seems to be holding well around $48, allowing us to talk about bull dominance. Yesterday saw data from the API out. It indicated a decline in US oil reserves by 3.1 million barrels against a forecasted 0.2 million fall.
The same report from the EIA is out later today and a consensus in the forecasts doesn’t propose that there’ll be much change in comparison with the figures of last week. It’s unlikely that there’ll be any reaction to the statistics.
As the Fed Reserve convenes to make its decision, market participants are exercising caution. Brent on Wednesday is going to be stuck in a $47-48.5 corridor, but only until news from the Fed comes out. WTI is looking to trade $43-46 per barrel.