Crude Oil Rises for the Fifth Straight Day - Forex News by FX Leaders
WTI crude oil

Crude Oil Rises for the Fifth Straight Day

Posted Wednesday, July 31, 2019 by
Arslan Butt • 1 min read

WTI crude oil prices continued their upward climb for a fifth consecutive day on Wednesday over a bigger than expected drop in US crude inventories. Ahead of today’s Fed meeting, WTI crude oil prices are trading at $58.45 per barrel, at the time of writing.

According to the API report released on Tuesday, crude stockpiles in the US have declined for several weeks now, falling by 6 million barrels to 443 million barrels during the previous week. Analyst expectations were for a 2 3 million barrel decline.

For now, all eyes turn to the Federal Reserve meeting which concludes later today. In addition, oil markets await the official number of US crude inventories by EIA which is also due to release today. A decline in this report would confirm a decline in crude stockpiles for 7 consecutive weeks.

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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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