Crude Oil Prices Slip

Oil prices are on retreat this morning during the Asian trading hours even after the Energy Information Administration (EIA) announced more than expected crude draw down.

Currently, oil trades at $55.82, which is a minor decline of $0.01 or 0.01% from the previous close of $55.83.

The daily range is from 55.42 to 56.09, while the trading volume is 76.321K.     

Moreover,  the EIA stated that U.S. crude inventories fell 2.7 million barrels during the week ended Aug 16, more than the drop of 1.89 million forecast by analysts.

There are some issues in regards to a falling oil-demand levels according to headwinds for oil prices.

Oil Chart

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