WTI drops to $39.70, down 0.33% on a day, during the pre-European session on Wednesday. The oil benchmark slips from the five-day high, not to ignore the disturbance to the previous two-day gains, at the start of the third quarter (Q3). While the energy-specific wires are mostly empty during the Asian session, risk reset seems to be the reason behind the quote’s latest weakness.
While stepping back from the weekly top, the black gold ignores private stockpile data from the American Petroleum Institute (API). The industry report suggests that the US stockpiles marked heavy depletion of 8.156 million barrels during the week ending on June 26 versus the previous week’s edition of 1.749 million barrels.