Crude Oil Continues to Trade Bearish Over Rising Stockpiles in the US - Forex News by FX Leaders

Crude Oil Continues to Trade Bearish Over Rising Stockpiles in the US

Posted Thursday, May 23, 2019 by
Arslan Butt • 1 min read

WTI crude oil prices continued to fall on Thursday, driven by a surge in US crude inventories. On Wednesday, the Energy Information Administration (EIA) reported a build of 4.7 million barrels in crude inventories during the week of May 17, lower than the previous week’s build of 5.4 million barrels.

According to EIA, crude oil production in the US also climbed higher by 100,000 bpd to touch 12.2 million bpd. At the time of writing, WTI crude oil is trading at around $61.05.

The trade war between US and China continues to weigh on oil markets as investors worry about its impact on global economic growth and how it could slow down demand for oil.

However, oil prices are also finding support over escalation of tensions between US and Iran in the Middle East as well as potential restrictions in crude production by OPEC continuing beyond June.

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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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