Rapidly Rising Product Inventories Are An Obstacle For Oil

U.S. West Texas Intermediate crude oil futures are edging higher on Friday, grinding out a small gain for a third session out of four. Despite what looks like to be a counter-trend bottoming process, the market is still trading lower for the week. However, it’s in a position to turn higher for the week if it continues to strengthen throughout the session. While some support is being generated from the signing of the U.S.-China trade deal, the OPEC+ production cuts and a bigger than expected weekly inventory draw, perhaps keeping a lid on…