Please attribute the following commentary to Jeffrey Halley, senior market analyst at OANDA:
Oil saw profit taking last night in early New York, before making yet another jump higher as American Petroleum Institute inventories showed a 7.6 million barrel drawdown.
All eyes now turn to the EIA crude inventory numbers tonight where yet another unexpected inventory drawdown should see the key 51.10 level in Brent broken for a move above 52.00 a barrel.
WTI has broken 48.90 and will now have its sights set on the key 50.00 a barrel area should the EIA figures following the trend of the previous weeks.
For direct comment, please contact:
Jeffrey Halley Business Development and Market Strategist, OANDA Asia Pacific
Representative No. HJD300377750