WTI Crude Oil Resumes its Rise After Surprising Decline in US Crude Inventories - Forex News by FX Leaders
WTI crude oil

WTI Crude Oil Resumes its Rise After Surprising Decline in US Crude Inventories

Posted Wednesday, September 11, 2019 by
Arslan Butt • 1 min read

On Wednesday, WTI crude oil prices continue their upward climb on the back of a higher than expected drop in US crude inventories. At the time of writing, WTI crude oil is trading at $57.85 per barrel.

According to the API report released on Tuesday, US crude inventories fell by 7.23 million barrels to touch 421.9 million barrels during the previous week. The dip in crude inventories came in significantly higher than economists’ expectations, which were for a 2.7 million barrel decline.

After climbing higher for several days, crude oil had closed Tuesday’s session in the red following reports about Trump’s dismissal of his NSA, John Bolton, who is known to have a hawkish stance on matters related to Iran. Previously, crude oil’s gains were supported by expectations of continued crude production curbs by OPEC and its allies in the face of slowing economic growth and weakening oil demand.

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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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