WTI Crude Oil Dips After Three Days of Bullishness
After rising for three consecutive days, WTI crude oil prices edged lower on Thursday over increasing worries about the trade war’s impact on the US economy. At the time of writing, WTI crude oil is trading at around $55.53 per barrel.
According to San Francisco Fed President Mary Daly, the US economy’s strong momentum is being impacted by the high uncertainty in financial markets and the slowdown in the global economy. Daly was addressing the media after speech in New Zealand earlier today when she made these remarks, adding that another possible rate cut by the Fed cannot be dismissed just yet.
Despite the release of the EIA report on Wednesday which revealed a bigger than expected drop in US crude inventories, crude oil continues to be weighed down by the ongoing trade tensions. According to EIA, crude inventories in the US fell by 10 million barrels during the previous week, a far greater decline than the forecast of 2.1 million barrels.
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