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.