WTI Crude Oil Regains Some of its Value

After losing more than 4% over the last few years, WTI crude oil has edged higher early on Thursday. A weak dollar helped oil prices climb

Arslan Butt•Thursday, August 8, 2019•1 min read

After losing more than 4% over the last few years, WTI crude oil has edged higher early on Thursday. At the time of writing, WTI crude oil is trading at around $52.63 per barrel.

A weak dollar helped oil prices climb higher for now. Although, on Wednesday, the EIA report released showed a surprising build in crude inventories in the US. During the previous week, US crude inventories rose by 2.39 million barrels while expectations were for a decline by 2.8 million barrels.

However, crude oil prices remain supported over reports that OPEC members are looking at ways to stop oil prices from sliding even lower. Given that trade war sentiments continue to rule the markets, any action by Saudi Arabia and other OPEC members could prevent a free fall in oil prices.

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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.