West Texas Intermediate (WTI) oil remains range-bound

April 8, 2021 - 2 weeks ago
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The West Texas Intermediate (WTI), the benchmark for New York-traded crude oil prices remain in a lacklustre (price) pattern as the broad boundaries hold between $57.00 to $61.50.

With little trend nor momentum evident, still at this point keeps the technical standpoint neutral.

Meanwhile, U.S. crude stocks fell 3.5 million barrels last week, but gasoline inventories jumped 4 million barrels, the Energy Information Administration (EIA) said, compared with expectations in a Reuters poll for a 221,000-barrel gasoline drop.

Oil prices dropped earlier this week after the Organization of the Petroleum Exporting Countries (OPEC) and allies, a group known as OPEC+, agreed to gradually ease oil output cuts from May.

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