The impressive draw in crude oil inventories estimated by the American Petroleum Institute (API) has given a lift to the price of the barrel, with WTI jumping from $54 to $55.50. Prices could have space for further growth, up to $56.50, where the next resistance area is placed. The general scenario of uncertainty, with the trade war proving to be a long game and fears of a recession (or at least of a slow-down of economic growth) just behind the corner.
All these elements are not supportive for the barrel. Vice versa, it seems likely that oil price would get a lift in case central banks confirm their dovish tone and turn it into action in order to sustain the economy and, indirectly, oil demand.
