Oil prices are trending higher again after the G20 meeting from last weekend. The event saw no meetings taking place between US president Joe Biden an
d Crown Prince Mohammad bin Salman al-Saoed of Saudi Arabia. With China and Russia absent as well from the gathering, it appears that the US is unable to strengthen ties with the Middle-Eastern oil producing countries and could start a tit-for-tat politics game with OPEC+ on the current elevated US oil prices and expected supply cuts.
US Baker/Hughes Rig Count on Friday revealed that the number of oil producing rigs was still at a yearly low. This means that the US needs to resupply current drawdowns by buying externally. This means that the demand side will see the US quite active in buying on the global oil markets. The American Petroleum Institute will publish at 20:30 GMT its weekly Crude Oil stock numbers. Previous reading was a drawdown of 5.521 million barrels.
On the downside, a pivotal level is being identified at $84.30, the high of August 10. In case that level does not hold, a substantial nosedive might occur. That means thatWTI Oil FAQsWTI Oil is a type of Crude Oil sold on international markets. The WTI stands for West Texas Intermediate, one of three major types including Brent and Dubai Crude. WTI is also referred to as “light” and “sweet” because of its relatively low gravity and sulfur content respectively.
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