WTI stays near $69 after API data shows larger-than-expected draw in crude inventories

After coming within a touching distance of the critical $70 mark during the European session on Wednesday, the barrel of West Texas Intermediate erased the majority of its daily gains in the second half of the day as it dropped toward the $69 handle. In the post-settlement trade, the barrel of WTI struggled to gain traction after the weekly API data showed a larger-than-expected draw in the U.S. crude inventories and was last seen trading at $69.05, where it was up 0.25% on the day.

According to the American Petroleum Institue, crude inventories fell by 6 million barrels to 407.2 million for the Crude inventories fell by 6 million barrels in the week ending August 3. The publication further revealed that imports crude imports declined by 833,000 barrels per day to 8 million barrels per day.

Earlier today, the EIA revised its estimate for the U.S. Crude oil production to rise by 1.02 million barrels per day in 2019 to 11.80 million barrels per day compared to the previous estimate of 1.01 million barrels per day.