FxWirePro: WTI eases from weekly highs, tight supply conditions likely to keep downside limited

USOIL chart - Trading View 

WTI oil price slips lower from session highs at $72.52 and was trading at $71.72 at around 11:20 GMT.

Brent crude was down 15 cents, or 0.28%, and was trading at $75.66 a barrel at the time of writing.

Oil markets remained supported by growing fuel demand and a draw in U.S. crude inventories as production remained hampered in the Gulf of Mexico after two hurricanes.

Data from the U.S. Energy Information Administration showed U.S. crude stocks in the week to Sept. 17 fell by 3.5 million barrels to 414 million - the lowest total since October 2018.

Technical bias for WTI remains bullish. GMMA indicator shows minor trend is bullish, while major trend is turning bullish.

Price action is above cloud and major moving averages are trending higher. MACD supports uptrend. 

Scope for test of $74 levels. Breach below cloud will negate any further upside in the pair.