WTI Crude Oil Prices Edge Lower Over Rising Stockpiles in the US - Forex News by FX Leaders

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

Posted Wednesday, May 22, 2019 by
Arslan Butt • 1 min read

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.

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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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