Despite the increase in EIA (US Energy Information Administration) inventory, the Fed is pessimistic about the economic outlook, oil prices are not significantly under pressure, and US crude oil prices continue to stick to the 38th line. However, as the risk appetite begins to deteriorate within the day, it should be wary of crude oil prices following the stock market weakening.
EIA inventory data shows that US commercial crude oil inventories increased by 5.72 million barrels in the week to June 5, making the total inventory record high. However, due to the unexpected increase in the inventory survey data released by the API, the market has been psychologically prepared for the increase in EIA inventory. In addition, data show that U.S. production continued to decline that week to 11.1 million barrels per day. The release of EIA inventory data did not exert a depressing effect on oil prices. The rebound showed the most obvious rebound in the session.
This wave of rebound in oil prices largely depends on the continued strong risk appetite. With US stocks recovering almost all of the declines in February and March, US crude oil also rebounded and hit $40 per barrel. However, intraday risk appetite deteriorated for no reason. After the Asian and European stock markets began to plunge, US stocks are likely to fall at night, and all this appears after the Fed reiterates its loose stance, so it should be vigilant that all risky assets, including crude oil, are in trouble.
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