Crude Oil Slips Lower, Supply Concerns Dominate

US Crude Oil fell by 0.6% to $61.03 earlier today on over supply concerns.

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

• Last updated: Thursday, May 23, 2019

In Asia oil prices dropped on Thursday due to the EIA statement which showed an unexpected build in US crude oil inventories last week.

US Crude Oil fell by 0.6% to $61.03 earlier today on over supply concerns.

Moreover, crude prices dropped as much as 3% on Wednesday after the US Energy Information Administration showed a surprise crude inventories build, which grew by 4.7 million barrels last week, versus expectations for a drop of nearly 600,000 barrels.

Since the previous week, crude inventories had grown by 5.4 million barrels.

Increasing inventories and a slowdown of refined product demand could suggest we could see more pressure on prices.

Let’s wait for our signal as the market is forming a nice trade setup. Good luck!

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ABOUT THE AUTHOR See More

Arslan Butt

Lead Markets Analyst – Multi-Asset (FX, Commodities, Crypto)

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.