WTI rebound with inventory deficit

WTI rebound due to the global conditions related to U.S. inventories and North Sea Brent production after the wide gap between Brent and WTI during the last weeks.

Although the increased demand in west European countries and U.K., North Sea countries reduced crude oil production to offset the rise in KSA production, the Iranian potential supplies and keep on the upward trend on Brent prices graph. In the other hand crude oil inventories reported on the first deficit in the last 11 weeks and the biggest in 20 weeks at 5.6 Million barrels which may increase the demand during the next week in U.S. especially with the fast growth in the manufacturing industry and PMI levels, adding that production shrinking in the western states by 83K barrels.

WTI supported its five days upward trend after the report of crude oil inventories, to gain around 3% reaching $97.71 per barrel.