Crude oil stocks at Cushing, Oklahoma, rose by 5.1 million barrels, according to the latest American Petroleum Institute data. WTI prices fell on the day, and market participants appear to read the build as consistent with subdued or lower prices.
The American Petroleum Institute (API) reported that crude stocks at Cushing, Oklahoma, rose by 5.1 million barrels, up from a previous build of 511,000 barrels.
However, WTI crude oil prices sat around $84–$85 per barrel, a decline of approximately 2%–4.5% on the day.
The source says the larger Cushing inventories suggest a bigger near-term supply of crude, which typically exerts downward pressure on prices. As a result, market participants appear to interpret the build as consistent with scenarios where WTI prices remain subdued or decrease further.
Crypto Briefing also says market pricing for WTI reaching $160 in November is at low probabilities, with the highest sub-market at 1.5% YES.
Next, attention turns to developments from OPEC or geopolitical events that could affect supply, such as potential production cuts or escalations in the Middle East. Upcoming U.S. Energy Information Administration reports could confirm or counter the API's findings, potentially influencing market sentiment.
Source: Crypto Briefing
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