Oil prices are being multidirectional today. The market is waiting for the US oil report. Analysts expect higher crude oil stocks. However, those USD-traded commodities are seeing lower demand today. Crude oil is one of them.
The current situation in the market of crude oil looks as follows:
The price of the Brent crude oil futures for May delivery (ICE Futures) is up by $0.23 and is not trading around $109.58/b.
The price of the WTI crude oil futures for May delivery is down by $,58. The current price is $95.76 per barrel.
According to the report published by the API, US crude oil stocks increased by 3.7 million barrels last week. At the same time gasoline and distillates stocks declined by 2 and 1,9 million barrels correspondingly.
The chart below, courtesy of , reflects the current state of affairs in the market of WTI oil:
