EIA Reports Surprising Building in Crude Inventories, but WTI Prices Continue to Climb Higher
Arslan Butt•Thursday, May 16, 2019•1 min read
WTI crude oil prices continued their rise for the third consecutive day over growing tensions in the Middle East which could potentially threaten oil supply in markets. At the time of writing, WTI crude oil is trading at around $62.41 per barrel.
The situation in the Middle East continues to remain tense with latest news reports suggesting that US staff from Baghdad embassy were being flown out in helicopters over heightened threat from Iran.
Despite the EIA reporting a build in crude inventories by 5.4 million barrels for the previous week, ongoing security tensions in the region have been boosting oil prices. Yesterday’s crude oil inventories gave a surprise to analysts who were anticipating a reduction by 800,000 barrels.
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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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