RE:RE:RE:Inventories Personally I don't trade I invest and fundamentals always win out with longterm investing.
Here is an attempt by one commodities reporting site to try and explain the oil price drop.
WTI crude oil futures declined more than 2.5% to settle at $69.70 per barrel on Wednesday, after touching a three-week high of $71.6 in the prior session.The decline came as concerns about supply disruptions from Libya diminished after rival factions agreed on a process to appoint a central bank governor, a key step in resolving disputes over oil revenues and production. This development eased fears about Libya's oil output, which had been significantly reduced. At the same time, despite China’s boldest stimulus measures since the pandemic, analysts warned that further fiscal intervention would be necessary to boost economic activity and fuel demand in the world’s largest crude importer. On the other hand, declining crude inventories in the US and escalating tensions in the Middle East offered some support to the market. U.S. crude inventories fell by 4.5 million barrels for the week ending September 20, significantly surpassing expectations of a 1.4 million-barrel draw.
It is possible that oil futures traders take into account more than just the handful of variables and metrics that we watch for weekly.
GLTA