Oil Prices should rebound on Thursday, July 8

[dan_s]

After the markets closed on Wednesday API reported that Oil Inventories Fell by 8.0M Barrels Last Week

Investing.com - U.S. crude stockpiles fell last week, while gasoline inventories snapped a five weeks of gains pointing to underlying strength in the demand outlook at a time when uncertainty over supply lingers following the botched OPEC+ meeting.

West Texas Intermediate, the benchmark for U.S. crude prices pared losses, down 1.59% to $72.20 a barrel on the news, after settling down $1.17 to $72.20 a barrel.

U.S. crude inventories fell by 8.0 million barrels for the week ended July 1. That compared with a draw of 8.2 million barrels reported by the API for the previous week.

The API also showed that gasoline inventories fell by about 2.7 million last week, compared with a 1.3 million draw in the prior week, and distillate stocks rose by about 1.1 million barrels.

The official government/EIA inventory report due Wednesday is expected to show weekly U.S. crude supplies declined by about 4.0 million barrels last week.