Crude oil is trying to rebound. The high price extended back above the $70 level

Crude oil prices are trying to rebound today with the price currently trading at $70 up $0.80 or 1.15%. The high price extended to $70.54. The low price was at $69.17. OPEC+ decided to delay the October output increase which was rumored yesterday.

At the TOP of the hour, the weekly EIA and oil inventory data will be released:

• Crude expected drawdown -0.993M barrels
• Distillates expected build of 0.481M barrels
• Gasoline expected drawdown of -0.730M barrels

The private data yesterday showed a larger than expected drawdowns in crude stocks by -7.4M. Gasoline and Distilates were also drawdown but less so vs Gasoline:

This article was written by Greg Michalowski at www.forexlive.com.