WTI Crude Oil Prices Edge Lower Over Rising Stockpiles in the US

WTI crude oil prices fell after the API reported on Tuesday that US crude stockpiles touched 480.2 million barrels last week


WTI crude oil prices fell after the API reported on Tuesday that US crude stockpiles touched 480.2 million barrels last week, up by 2.4 million barrels. At the time of writing, WTI crude oil prices are trading at around $62.56 per barrel, well below the $63 level.

However, oil markets continue to remain tense over recent remarks from Saudi Arabia expressing interest in continuing with production cuts to maintain prices. In addition, political tensions are building up in the Middle East, even as Trump threatens Iran against targeting American interests in the region.

Acting US defense secretary Patrick Shanahan also confirmed on Tuesday that threats from Iran remained high. However, he maintained that the US would prefer deterrence towards Iran rather than war.

ABOUT THE AUTHOR See More
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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