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Oil Price Steady as API Reports US Inventory Reduction

After trading at its lowest levels since September 2016, Crude Oil Futures appears to have steadied around $43 ahead of the Energy Information Administration’s weekly crude oil inventories report.

According to the American Petroleum Institute U.S. crude oil inventories reported a drop of 2.72 million barrels for the week ending June 16th. Exceeding expert predictions of a 2 million barrel decline.

Despite mutual efforts by OPEC and other global producers to drain saturated inventories, their nearly 8-month pitch to curb production has shown less than promising results.

With the U.S. Oil Shale industry showing little signs of slowing down, combined with OPEC member, Libya, ramping up production to roughly 900,000 barrels per day, OPEC’s agenda is having a minimal impact on the market.

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