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Following a surprising increase in US crude stocks and a 3.7% YoY increase in August, WTI is currently trading at $87.969, down 0.17% after losing 0.33% earlier during the US trading session. Contrary to forecasts, the most recent US crude oil stocks showed a 4 million barrel gain.
According to the most recent US inflation report, retail petrol prices increased by 10.6% in August, contributing to a 3.7% YoY increase. As the summer driving season came to an end on September 4 for Labour Day, the demand for fuel decreased.
According to the most recent US inflation report, retail petrol prices’ 10.6% increase in August drove a headline inflation rate increase of 3.7% YoY, above expectations. When volatile commodities like food and energy are excluded, inflation slowed from 4.7% to 4.3% YoY.
WTI may attempt support at $87.23, according to the technical forecast, with resistance levels developing at $88.00 and the year-to-date high of $88.99. Saudi Arabia and Russia’s voluntary oil production cut, which removed 1.3 million barrels from the market, had kept oil prices in check.
WTI retraced below the September 12 daily close of $88.18 per barrel, potentially leading to a pullback toward the top of an ascending-triangle top-trendline. A breach of this level will expose the September 8 daily low of $85.65, before slumping below the $85.00 figure.
