On Wednesday (August 20), international oil prices rose about 1%, mainly supported by a larger-than-expected drop in U.S. crude inventories. Meanwhile, investors continue to monitor progress in Russia-Ukraine peace talks, although sanctions on Russian oil remain in effect.
Data from the U.S. Energy Information Administration (EIA) showed that for the week ending August 15, U.S. crude oil inventories fell by 6 million barrels, far exceeding analysts’ forecast of 1.8 million barrels, and also larger than the 2.4 million barrel draw reported by the American Petroleum Institute (API) a day earlier.
WTI crude oil futures rose 86 cents, settling at $63.21 per barrel, a gain of 1.38%.
Trading suggestion: After WTI reached a high of $63.81, it consolidated and finally closed at $63.65, forming a medium bullish candle with a slightly longer upper shadow.
Trading strategy: Buy near 63.2, Stop loss 62.7, Target 63.8–64.5.
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