WTI Crude Oil Prices Fall as EIA Stockpiles Shrink

WTI Crude Oil prices have fallen after the EIA announced a shrinking in stockpiles for the first time in four weeks

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WTI Crude Oil prices have fallen after the EIA announced a shrinking in stockpiles for the first time in four weeks. Furthermore, the decline has come in well below the API estimates released earlier.

Since the beginning of this year, crude oil had registered a 40% rise over OPEC and allies cutting oil production, tightening supply from Venezuela and US imposing further sanctions on Iran. EIA stockpiles for WTI crude oil fell by 1.4 million barrels during the previous week.

At the time of writing, WTI is trading below $64 at around $63.74.

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Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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