Crude Oil Prices Climb Higher After API Report Shows a Decline in US Crude Stockpiles

WTI crude oil prices climbed over 1% higher after the release of the API report the previous day showed a decline in US crude stockpiles.

Arslan Butt•Wednesday, June 26, 2019•1 min read

On Wednesday, WTI crude oil prices climbed over 1% higher after the release of the API report in the previous day showed a decline in US crude stockpiles. The ongoing tensions in the Middle East between US and Iran also continue to keep oil prices supported.

According to the API report released on Tuesday, US crude stockpiles registered a fall of 7.5 million barrels in the week ending June 21 to touch 474.5 million barrels. This figure beat expectations which were for a decline of 2.5 million barrels.

At the time of writing, WTI crude oil is trading at around $58.98 per barrel. Oil is in focus and will continue to experience volatility on the back of the ongoing OPEC meeting and anticipation of extended supply cuts by OPEC+ oil producers when they meet in Vienna next week.

In addition, oil markets remain tense in expectation of a possible military conflict between US and Iran. On Monday, the US imposed sanctions on senior Iranian leaders and have assured that more sanctions would be announced in the coming days.

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ABOUT THE AUTHOR See More

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.