EIA Reports Surprising Building in Crude Inventories, but WTI Prices Continue to Climb Higher
Arslan Butt • 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.