Oil Prices Are Stagnant

Crude oil prices are into a steady pattern this morning amid optimism that U.S.-China trade issues would ease any economic slowdown that could affect oil demand and eventually prices.

Now, oil trades at $56.13, which almost unseen lost of 0.01% from the previous close of 56.14. The daily range is from 55.87 to 56.44, while the trading volume is 64.592K.

A Reuters poll of seven analysts revealed forecasts that crude oil inventories in the United States dropped 1.9 million barrels in the week to Aug. 16.

Moreover, U.S. West Technical Intermediate crude oil futures are also into a stagnant trend this morning flat after reporting a massive incline.

Meanwhile, Yemen attacked Saudi Arabian oil field over the weekend, but the primary drivers of the price action were an easing of issues over a U.S. recession and expectations of an agreement over the U.S.-China trade war.

Crude Oil chart