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The American Petroleum Institute’s weekly statistical report shows that U.S. crude oil inventories increased by 1.586 million barrels in the week ending September 22, 2023, after a decrease of 5.25 million barrels in the previous week.
WTI crude futures rebounded to $90.7 a barrel, hovering at their highest level since November. The prospect of tight supplies helped markets shake off worries about rising interest rates and their impact on the economy.
The $90 pivot point is psychologically important and reinforces the belief that the market is poised for further upside.
Additionally, crude oil tends to perform well in inflationary environments as investors seek refuge in tangible assets rather than currencies.
(United States API Crude Oil Stock Change)
(WTI crude Daily chart)
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