WTI Crude Oil Unaffected by Trump’s Most Recent Comments So Far

WTI crude oil prices are edging slightly higher following the release of the API report on Tuesday. At the time of writing, WTI crude oil is trading at around $56.35 per barrel.

The most recent report by the API report reveals a draw in US crude inventories of 3.45 million barrels for the previous week, while the forecast was for a draw of 1.88 million barrels. The total draw so far this year has touched 7.98 million barrels.

The recent deterioration in the market sentiment following Trump’s comments on China have so far failed to have any impact on crude oil prices. According to Trump, he had to take on China because China had been cheating the US for several decades.

Following Trump’s decision to delay some tariffs and the US government granting Huawei an extension on the reprieve, markets had started trading optimistic for the past few days. However, these latest comments go on to emphasize that a trade deal between the two countries is not going to materialize anytime soon. This could turn crude oil bearish once again in the coming days.

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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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