By Dailyfx.com---
Oil Price Analysis
- Focus on EIA Report for API Confirmation
- Risk Sentiment Slightly Softer
- Focus on EIA Report for API Confirmation
The oil market is on the front foot this morning, having been given a boost in yesterday’s session, which in turn saw Brent crude futures reclaim the $60/bbl mark. The factor behind the lift in oil prices had stemmed from the latest API crude oil inventory report, which showed a large drawdown in crude stocks of 11.1mln barrels vs. Exp. 2.1mln barrel drop. Consequently, eyes will be on the DoE crude inventory report for confirmation of yesterday’s figure, if matched, this would mark the largest drop in crude stocks since June 21st. Read more on Dailyfx.com