WTI Crude Oil Turns Bearish Despite Iran Sanctions. What’s Happening? - Forex News by FX Leaders

WTI Crude Oil Turns Bearish Despite Iran Sanctions. What’s Happening?

Posted Thursday, April 25, 2019 by
Arslan Butt • 1 min read

US overtakes Russia and Saudi Arabia to become the world’s biggest oil producer. US crude oil production has risen by over 2 million barrels per day (bpd) since early 2018 to touch 12.2 million bpd.

The selling pressure on crude oil was further boosted by a bigger than expected build in crude oil inventories, according to EIA’s weekly report released yesterday. Crude oil stocks increased by 5.5 million barrels in the week of April 19, significantly higher than the 1.25 million barrels the market was expecting.

Despite the announcement of complete sanctions on Iran after May 1, WTI crude oil prices fell by 0.2% to trade at around $65 yesterday. The decision by the US to prevent countries from importing Iran’s oil comes amid supply cuts led by OPEC since the start of 2019.

 

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About the author

Arslan Butt // Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
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