# Oil slips, erases gains as U.S. crude draw shy of API report

> Oil prices see-sawed on Wednesday, reaching their highest in more than two years before retreating. The retreat followed a weekly U.S. government inventory report showing a smaller crude stock draw than an industry group had estimated.

- Date: 2017-11-01 · published 2017-11-01T12:00:00.000Z
- Category: market · region US · magnitude low
- Page: https://feedsoft.ai/events/68166-oil-slips-erases-gains-as-u-s-crude-draw-shy-of-api-report
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

The intraday reversal shows the market is near resistance at multi-year highs, so price direction is uncertain. Moves of this size have limited direct impact on feed grain prices.

## Read by commodity

- WTI: neutral

## Sources

- reuters.com: https://www.reuters.com/article/us-global-oil/oil-slips-erases-gains-as-u-s-crude-draw-shy-of-api-report-idUSKBN1D1398/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.