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Oil has been slumping this week as a massive ripple from the magnanimous oil supply glut from last month; today, however, it manages to claw back some of its losses as investors expect positive results on the upcoming supple update. This is a great jump after several dips on the past weeks, and even month; investors expect great figures for the upcoming data.

The great turnaround before the upcoming report was massively steered by last week’s inventory report which was positive in nature as inventories continue to settle down and the glut dies down slowly, although the gasoline managed to grow a tad higher today.

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Oil Prices and Figures

The prices for the commodity this Wednesday were seen trading at $52 per barrel; this is a positive welcoming gesture from investors as a massive follow up from last week’s crude inventories which shed a total of 7.8 million barrels, well over what most analysts and investors expected. 

Brent CrudeLCOc1, its global benchmark, was seen trading at higher figures today; Brent was increased by a total of 34 cents at midday trading at $52.48, this is a much-needed breather from the two-day slump they experienced this week. On the other hand, the United States West Texas Intermediate or WIT managed to add a total of 30 cents and hitting the $49.44 on the midday trading.

Wednesday Reports

Today, the focus will be shifted on the impeding US government report to see if the API figures are going to come through; most analysts are expecting that the massive crude stocks will be shedding a total of 2.7 million barrels on the report and the gasoline will fall by 1.5 million barrels.

According to the Commerzbank’s Carsten Fritsch on the Energy Information Administration   report, "They are also likely to show a significant inventory reduction due to lower imports “and” It seems to be toppish and prices are struggling to rise on bullish news,"

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OPEC Meeting

The recent OPEC meeting from Monday and yesterday in Abu Dhabi was conducted in an effort to maximize and increase the producers’ adherence to the supply cuts that were promoted and later extended. The problem was that of the stocks high average despite the continuous effort from countries such as Iraq and the United Arab Emirates to cut supply.

These op OPEC exporters are gearing and preparing tirelessly fighting their way through the most recent stock glut; they are expecting a total of 520,000 bpd cut by September according to an industry source yesterday.

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