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Crude Oil Continues to Slide Lower, Inventories Build Up in the US

WTI crude oil prices continued their slide on Wednesday over growing concerns of an economic slowdown because of trade tensions. To make matters worse, API reported an unexpected build in crude inventories in the US for the week ending May 31.

At the time of writing, WTI crude oil is trading at around $53 per barrel. According to the API report, crude inventories were 3.5 million barrels higher last week, totaling 478 million. The figure beat expectations which were for the inventories to fall by 849,000 barrels.

Oil markets have been tense for the past few weeks as the trade war between the US and China continues. Investors are worried that it could lead to a slowdown in the global economy, which could result in lower demand for crude oil across countries.

To compound investor concerns, US announced a new set of tariffs on Mexico until it curbs illegal immigration. The new tariffs of 5% on all Mexican goods are expected to start on June 5 and could continue climbing higher up to 25% till Mexico takes action on migrants from Central America seeking asylum in the US.

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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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