On Wednesday (August 27), international oil prices closed higher, driven by U.S. crude inventories falling more than expected, while investors assessed the potential impact of new U.S. tariffs on India.
The U.S. Energy Information Administration (EIA) reported that crude inventories fell by 2.4 million barrels last week to 418.3 million, well above the 1.9 million barrel draw forecast in a Reuters survey. Gasoline inventories fell by 1.2 million barrels, less than the expected 2.2 million barrel draw.
West Texas Intermediate (WTI) crude futures rose $0.90, or 1.4%, to $64.15 per barrel.
Trading suggestion: After dipping to $63.55, crude oil strongly rebounded and closed at $64.84 with a spinning top candlestick.
Trading strategy: Buy near 63.9, SL 63.4, TP 64.5–65.6.
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