The price of oil extends the rebound from the weekly low ($70.76) as US inventories contract for eight consecutive weeks, but recent price action warns of a larger correction in crude as it extends the series of lower highs and lows from earlier this week.
OIL PRICE REBOUND EMERGES AS US INVENTORIES CONTRACT FOR EIGHTH WEEK
The price of oil attempts to retrace the decline from the yearly high ($76.98) as US inventories fall 6.866M in the week ending July 2 after narrowing 6.718M the week prior, and the data prints may encourage the Organization of the Petroleum Exporting Countries (OPEC) to draw up a new production adjustment table as it instills an improved outlook for consumption.
