WTI crude oil trades up by 2% ahead of the “Weekly Petroleum Status Report” from the US Energy Information Administration at 14:30 GMT. Expectations for another price supportive drop in stocks was strengthened last night after the American Petroleum Institute reported a nationwide stockpile drop of 8.13 million barrels. Somewhat higher than the 2.9-million-barrel estimate found in a Bloomberg survey ahead of the EIA report.
Also, today Federal Reserve Chairman Jerome Powell will begin his two-day testimony to Congress on the state of the US economy. The text will be released at 12:30 GMT and his remarks, given the current global rate debate, will be watched closely across all markets, including the energy sector.