WTI Crude Oil Prices Holding Steady, For Now

WTI crude oil is holding steady early on Wednesday morning after losing over 3% of its value in the previous session. Oil markets have become quite volatile lately over confusing data emerging about supply and demand, while geopolitical tensions on account of Iran also continue to play.

At the time of writing, WTI crude oil is trading at around $57.60 per barrel. Tensions between US and Iran continue to simmer, with Iran expressing no interest in negotiations with the US about its ballistic missile program. Meanwhile, the US government claims that it is making progress in talks with Iran.

In addition, the API report released on Wednesday revealed that US crude inventories had reduced by 1.4 million barrels during the previous week, while expectations were for a 2.7 million barrel decline.

Crude production off the Gulf of Mexico is slowly being restored after the tropical storm Barry. On Tuesday, more than half of the oil companies operating in the region were yet to resume crude production.

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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.
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