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WTI Bounces After API Reports Crude, Gasoline Draw
Oil prices edged higher today as traders anxiously await tomorrow's CPI and FOMC risk catalysts for any signals on the trajectory of oil demand. “After recent declines, oil prices have room to recover in the short term,” Morgan Stanley analysts including Martijn Rats and Charlotte Firkins said in a note. “Nevertheless, inventories are currently higher than we expected some time ago, and on current trends, supply/demand balances will likely weaken after the third quarter.” Energy stocks ended lower on the day while WTI inched up to $78. All eyes on API for cues on whether this rebound in price can be ... (full story)