August crude oil prices registered an inside day trading range that was slightly higher on the session. The market spent most of the session within a tight trading range, despite fractional improvement in outside market sentiment.
Early support for the market came from gains in Brent crude oil and from expectations that US weekly crude stocks drew down last week. Prices took a negative turn in the wake of US economic data that showed Consumer Confidence falling by more than expected in June.
Some traders pointed to gains in Brent crude oil and concerns over a workers' strike in Norway that could tighten up near term supply as a force providing a late morning turnaround. As a result, the price differential between Brent and WTI crude oil increased by nearly $2.00 on the session.
Expectations for this week's EIA crude oil report are for a draw in the range of 750,000 to 1.0 million barrels.
Get our Free Trading Videos, Lessons and eBook today!
No comments:
Post a Comment