WTI surfs a micro trendline support with a focus into the $79.80s – by fx_ross Oil OPEC Commodities China
Focus could be returning to structural supply risks amid a potential recovery in demand from China.Intermediate, , is higher on Thursday by some 0.38% and has reached a high of $78.77 from a low of $78.36. It has made the highest since December 2 on the back of a larger-than-expected drop in US inventories. At the same time, Saudi Arabia's oil minister said OPEC+ will continue to manage the market to support prices.
In a weekly survey, the Energy Information Administration said US oil inventories dropped by 5.9-million barrels in the prior week, way above the consensus that analysts estimated which was for a 0.17-million barrel draw, according to Oilprice.com.
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