Oil rose to a 2015 high of $67 a barrel on Monday supported by expectations the crude supply glut will ease and after weak Chinese factory activity reinforced views stimulus measures would be rolled out.
Crude oil prices continue to struggle to the upside as the first snapshot of fundamentals this week--the API inventory report--was mostly bearish. The more widely followed oil inventory report is due out at 10:30 a.m. EST this morning which is expected to show an across the board build in the complex.
Crude oil prices went on a wild ride after reports that the Iranians seized a cargo ship, and after a major Saudi shake-up that came after the close. If that wasn't enough for oil traders today, we get a double dose of excitement as the EIA releases its supply report
After moving sideways for several trading sessions the crude oil complex made a turn to the downside yesterday and continues on the defensive so far this morning. Since the uptrend started in mid-March the spot WTI contract has increased by about $13 per barrel before stabilizing and then turning lower.