Crude Oil Rallies Over Declining U.S. Stocks And OPEC's Positive Efforts, Eyes on U.S Inventories
Crude oil managed to gain +2.27 On Tuesday after clocking $48.65 high, however, oil failed to add any $-pip value today, after a minor dip at 48.15. Currently, oil is trading with low price action with 43-pip-value, but expectations of higher volatility as markets awaits U.S Inventories release today 2:30 PM GMT.
Positive Fundamentals since Monday has been pushing oil and contributing to oil bullish forces. First reports of U.S. crude stocks falling sharply last week by 10.2 million barrels in the week ending July 21 to 487 M while expectations were at 2.6 M. Add to that, the market has been buoyed by Saudi Arabia's announcement at a meeting of the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC producers on Monday that it would limit crude exports to 6.6 million barrels per day (bpd) in August, down nearly 1 million bpd from a year earlier. (Reuters).