Western Texas Intermediate (WTI), the US crude oil benchmark, advanced some 1% on Wednesday due to further draws on US crude oil inventory, while Saud
i Arabia and Russia extended their production cuts. WTI is trading at $87.15 after hitting a daily low of $85.49.According to a Reuters poll, the American Petroleum Institute is expected to deliver crude inventories, which analysts expect a drop of 2.1 billion barrels in the week to September 1.
The data comes one day after Russia and Saudi Arabia prolonged their crude output production cuts, with the former slashing 300K barrels of production, while Saudi Arabia's reduced supply by 1 million. That exacerbated the WTI jump of more than 1%, as traders eye $90.00 a barrel. Earlier data during the day spurred a pullback in WTI after the Institute for Supply Management revealed that business activity in the services sector improved sharply, reaching 54.5, crushing estimates of 2.5. That sponsored a leg-up in the Greenback , which pushed to ten-month highs above 105.000, before reversing its course, though it remains positive.
Oil analysts noted that prices would be upward pressured as US refineries enter their maintenance period. However, speculation that Iran, Venezuela, and Lybia could increase oil supply could cap the rise in WTI price.From a technical perspective, WTI is expected to extend its uptrend, with buyers eyeing the November 11 high of $90.08 per barrel.
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