I'm speculating that the inventory draw by 2.1 million is already priced in. Therefore, the oil prices may drop on the release of EIA report. That being said, I will be looking to stay bullish above $65.02 to target $66 before the release of news today. All the best and stay tuned for updates. Keep following!
The IEA Oil Market Report was largely in line with OPEC's assesment yesterday - Non OPEC output was seen falling in 2016 by 900,000 B/D - However, they differed on the 2017 perspective with 2017 expectations from the IEA forecasting a modest growth of 200,000 B/D in 2017. Opec Output however rose to an eight year high up 400,000 B/D in June at 3.21M B/D on the...
