The crude oil market grinded higher during the overnight and early morning session as it tried to rebound from yesterday's wide-range downdraft. Some traders indicated that a measure of support for the market might have come from private industry data yesterday that showed an unexpected decline in weekly inventories. It is also possible that a rebound in global equity markets and a weaker US dollar contributed to the early gains. The crude oil market officially entered bear market territory with yesterday's close and was down more than 20% from the March 1st high. Data released by the EIA during yesterday's session showed March US oil demand coming in weaker than expected and down more than 6% below year ago levels. In the shorter term, expectations for this morning's weekly EIA inventory data are for the 10th consecutive build, this time in the range of 750,000 to 1.0 million barrels.
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