WTI Crude Oil Prices Holding Steady, For Now - Forex News by FX Leaders
WTI crude oil

WTI Crude Oil Prices Holding Steady, For Now

Posted Wednesday, July 17, 2019 by
Arslan Butt • 1 min read

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

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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