The market derives additional support from the data. The report showed crude oil inventories in the US declined by 7.5 million barrels last week, while traders expected a draw by 2.5 million. Should the official EIA data confirm positive numbers, the could cement positions above the mentioned psychological level.
In a wider picture, oil bulls hope for a positive outcome of the upcoming G20 summit, where US President Trump is scheduled to meet with China President Xi Jinping. Also, traders will expect comments from Russian President Vladimir Putin and Saudi Arabia Crown Prince Mohammad bin Salman on the sidelines of the summit. Their statements on OPEC+ deal could have a strong impact on crude prices.