The latest American Petroleum Institute inventory data for the week ending September 29th recorded a headline draw of 4.08 million barrels after an unexpected draw of 0.76 million barrels the previous week.
The United States Oil Fund rebounded from key support last week. Traders will be keeping an eye on OPEC's meeting.
Gold, silver and oil have bounced recently, but technicals indicate that prices could head lower again.
A look at the trendlines shows that the price of oil is going to keep dropping.
The oil fund declined sharply this week on bearish developments in the crude market, but it could see a relief rally.
Oil is now in a bear market. How long will OPEC sit on the sideline and watch it slide?
If OPEC fails to cut production, oil could revisit 2016 lows.
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Oil ETFs are set to open lower following G-7 moves to stabilize the region.