Crude oil prices have been in a selling mode for most of this week on a combination of the evolving situation in Greece, a sell-off in Chinese equities and the growing possibility of an Iranian nuclear deal. All three areas can potentially lead to the current oversupply of oil growing even further.
After a mixed performance on Tuesday the crude oil complex is higher across the board after a larger than expected draw reported in total crude oil stocks by the API late yesterday afternoon. The API reported a 2.9 million bbl draw in crude oil along with a 2.9 million bbl draw in gasoline.
For the third time in the past six years and the sixth instance in their history, the Chicago Blackhawks won Lord Stanley's Cup, this time defeating the Tampa Bay Lightning 2-0 in Game 6 of the Stanley Cup Final.
Crude oil prices are continuing the rally with the spot WTI contract currently breaching the three-week old technical range resistance level. This morning OPEC released their monthly oil assessment. They kept global oil demand the same as in last month’s forecast and said they do not see an increase in demand for OPEC crude.