US commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 1.6m barrels in the week ending August 9, versus expectation of -2.5m barrels decline. At 440.5m barrels, crude oil inventories are about 3% above the five year average for this time of year.

WTI weakens mildly after the release but remains in range of 50.43/60.93. WTI breached 50.64 support last week but quickly rebounded. However, as upside is limited by 55 day EMA so far, further decline remains in favor. Sustained break of 50.64 could pave the way back to 42.05 low.

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