U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by -2.7m barrels in the week ending August 16, larger than expectation of -1.4m barrels. At 437.8m barrels, U.S. crude oil inventories are about 2% above the five year average for this time of year.
WTI staying in sideway pattern from 50.64. After multiple attempts, WTI is still unable to sustain above 55 day EMA so far. Further decline remains in favor. Sustained break of 50.64 could pave the way back to 42.05 low. Nevertheless, sustained trading above the EMA will put focus back to 60.93 resistance.
