NewsPreviousForecastAnalysisOil prices are heading above $83.00 per barrel this morning, at the same time where it closed low yesterday due to effects from inventory data in the US.

Crude opened today around $83.42 recording its highest around $83.75 and lowest around $83.16, where it currently trades around $83.56 per barrel. Meanwhile, oil prices yesterday managed to close around $83.41 dropping by $0.61 from the previous day.

The EIA yesterday reported a rise in inventory levels for last week higher than expectations by 1.9 million barrels; whereas expectations pointed to 0.1 million barrels. In addition, motor fuel also gained by 3.6 million barrels as well as distillate fuel which includes heating by 2.1 million barrels.

Despite of the airline crisis passing in Europe and resumed flights throughout numerous European regions, it did not contribute to much effect on trading yesterday, especially after data showed weak US demand.

As for data expected to be released today, it may have a hand in affecting markets as we await the release of data from the US housing sector, where expectations point to an improvement in home sales last March.