Yesterday the inventory report at 17:30 (GMT+3) showed that the change in the number of barrels of crude oil held in inventory by commercial firms during the past week was again negative and even higher than before -7.1M barrels, against the expected figure of -2.1M. >> Its spot price fell overall back to 71 USD per barrel, that day, but as figures suggest, there is no indication yet of the price no to continue its upward path back to 72.5 level at least.
Not good for the short term it seems. This is due to oil price volatile nature at the moment, investors are selling. But demand will surely kick things again for getting back to the upward