WTI Crude Oil Declines After the Release of EIA Report

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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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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