WTI Crude Oil Prices Rise Higher as EIA Reports Fall in US Crude Stockpiles - Forex News by FX Leaders

WTI Crude Oil Prices Rise Higher as EIA Reports Fall in US Crude Stockpiles

Posted Thursday, June 20, 2019 by
Arslan Butt • 1 min read

WTI crude oil prices climbed more than one percent higher to go up to $54.55 per barrel after the EIA reported a surprising fall in US crude stockpiles last week. WTI is currently trading at around $54.72 at the time of writing.

According to the EIA report, crude stocks in the US declined by 1.3 million barrels in the previous week, while expectations were for a decline by 1.1 million barrels. The EIA also reported a drop in crude oil production in the US during the previous week.

For now, oil markets shift their focus to the upcoming OPEC meeting to gain clarity on whether the group and its allies plan to continue with their supply cuts. Analysts expect crude oil to remain volatile until this OPEC meeting, which is scheduled to take place sometime in early July.

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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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