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From the desk of Evdokia Pitsillidou, Risk Management Associate at easyMarkets.
Oil prices sold off sharply on Wednesday, erasing the previous day’s gains to return to two-month lows after government data showed a smaller than expected draw in weekly crude inventories.
The West Texas Intermediate (WTI) benchmark for US crude futures declined nearly $1.80 or 3.8% on Wednesday, practically offsetting the previous day’s gains. WTI futures were last seen trading above $45 a barrel, having declined 9% over a two-week period.
Oil prices are considered bearish below $50 a barrel with a relative strength at 43, having only recently bounced ... (read more)