News on drawdowns in the US oil inventories lost its influence on the market. WTI Crude Oil is trading in a range between $47 and $48 a barrel. Two days ago, the American Petroleum Institute reported a decrease in the US Crude stockpiles by 9,160,000 barrels. The market participants abstain from oil trading as the API reports often differ from the government numbers released by the US Department of Energy, the US oil stockpiles decreased by 8,945,000 barrels during the last week.
Nevertheless, oil is trading under pressure. Brent Crude Oil still fluctuates around $51 a barrel. The bullish gust is suppressed by the undying concerns over the oil glut on the global market. The OPEC deal to limit crude production does not provide the expected stabilization of oil prices. The main reason for that is a slowdown in energy consumption in the United States and China.