WTI crude oil

WTI Crude Oil Regains Some of its Value

Posted Thursday, August 8, 2019 by
Arslan Butt • 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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