Strong bounce yesterday looks to have run out of momentum as the dollar turns up this morning and equities slip back.
WTI’s off over a dollar from earlier $97.76 highs with Brent almost $2 down from $114.33 highs in early Europe.
Traders are now looking to the API data later, but this will not reflect the sale of the recently released strategic reserves from the IEA.
Today’s release has analysts expecting a draw of around 2.5 million barrels for the week ending July 1, with the more accurate EIA release scheduled for tomorrow
