WTI Crude Oil Slides Lower After Surprising Build in US Crude Stockpiles
WTI crude oil is trading bearish following the release of the API report during the previous session which revealed an unexpected build in
Early on Wednesday, WTI crude oil is trading bearish following the release of the API report during the previous session which revealed an unexpected build in US crude inventories. At the time of writing, WTI crude oil is trading at around $60.49 per barrel.
On Tuesday, WTI crude oil had enjoyed a bullish run which saw prices gain over 1% until the API report released. According to the API report, crude inventories in the US rose by 4.7 million barrels to touch 452 million during the previous week. Economists had forecast a drawdown by 1.3 million barrels instead for this period.
However, crude oil prices continue to remain supported over OPEC’s recent decision to enforce deeper curbs in crude production into 2020. In its most recent meeting earlier this month, leading oil producing nations and their allies agreed to increase their supply cuts by an additional 500k bpd starting January 1, 2020.
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