Oil Action: WTI crude
Oil Action: WTI crude moved higher after Tuesday's close, supported by the API weekly inventory report, which revealed a 2.1 M bbl draw in crude stocks. Expectations had been for about a 0.5 M bbl build. The May contract (April expires at the close today) topped at $59.6 in London morning trade, after closing at $59.29. Since then, prices have pulled back to $58.88 lows. Concerns over the fate of the U.S.-China trade deal, following reports on Tuesday that China might be pulling back from promises, prompted some oil selling, as global growth sentiment is dented. In addition, a modest dollar rally overnight weighed on oil. Traders will now look to the 10:30 EDT release of weekly EIA inventory figures.