WTI stays depressed around $40.50 while heading into the European open on Wednesday. The oil benchmark recently snapped three-day winning streak the previous day as risk aversion wave hit the brakes on the bullish momentum near a two-week top. Also favoring the bears were downbeat stockpile data from the American Petroleum Institute.
The oil stockpiles rose two million barrels versus the previous draw of 8.156 million barrels during the week ended on July 03. The news followed Citibank’s upward revision to price forecasts to $38 per barrel.