WTI Crude Oil Declines After the Release of EIA Report - Forex News by FX Leaders

WTI Crude Oil Declines After the Release of EIA Report

Posted Thursday, July 4, 2019 by
Arslan Butt • 1 min read

On Thursday, WTI crude oil prices traded lower after climbing higher on Wednesday, over the release of the EIA report on US crude inventories. At the time of writing, WTI crude oil is trading at $56.90 per barrel.

US crude inventories fell by 1.1 million barrels during the previous week, lesser than the expectations which were for a 3 million barrel decline, according to the EIA report. However, oil prices continued to be supported by the OPEC+ nations’ decision to continue with supply cuts of 1.2 million bpd till March 2020.

On Wednesday, WTI had risen over $57.50 per barrel, over OPEC’s supply cut extension plans. In addition to the EIA report, the continued uncertainty over the US-China trade war and weak manufacturing data from several global economies released earlier this week continue to exert a downward pressure on crude oil prices.

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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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