API Reports a Fall in US Crude Stockpiles, WTI Prices Climb Higher

WTI crude oil prices climbed more than 1% higher early on Wednesday after the API report revealed that US crude stockpiles fell by more than

Arslan Butt•Wednesday, July 10, 2019•1 min read

WTI crude oil prices climbed more than 1% higher early on Wednesday after the API report revealed that US crude stockpiles fell by more than expected during the previous week. At the time of writing, WTI crude oil is trading at around $58.58 per barrel.

According to the API report released on Tuesday, crude inventories declined by 8.1 million barrels last week to touch 461.4 million, while expectations were for a fall by 3.1 million barrels. Even though OPEC and allies have been curbing crude production since the beginning of this year, crude oil has traded weakly over concerns of a potential global economic slowdown and record crude production in the US.

Tuesday’s report from the API is a sign that the demand for crude oil has increased in the US, hence the upward pressure on crude oil prices. This latest data shows that US crude stockpiles have fallen for the fourth consecutive week.

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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.