Oil price advanced after the EIA report showed a sharp drop in crude inventories

The price of crude oil has advanced above $41.5 this trading week and the current price stands around $40.9. Oil has stabilized above $40 after the EIA report showed a sharp drop in crude inventories due to the closure of offshore production. Fundamental analysis: There is still no clear trend for oil price Crude oil remains above the $40 psychological level despite the fact that OPEC announced that global oil demand will return to pre-pandemic levels in 2022. Hurricane Delta shut down most production in the Gulf of Mexico and EIA report showed a sharp drop in crude inventories. The