WTI Crude Oil Rises on EIA Report, Iran Tensions

WTI crude oil prices continue to climb higher early on Thursday after soaring over 2% higher following the release of the EIA report in the

Written by: Arslan Butt • Thursday, November 21, 2019 • 1 min read

• Last updated: Thursday, November 21, 2019

WTI crude oil prices continue to climb higher early on Thursday after soaring over 2% higher following the release of the EIA report in the previous session. At the time of writing, WTI crude oil is trading at around $56.88 per barrel.

The EIA report revealed a build in US crude stockpiles by around 1.4 million barrels during the previous week, coming in below expectations which were for a 1.5 million barrel build-up. The official government data also showed severe divergence from the API report which released a day prior and revealed a build of 6 million barrels for the same period, giving a boost to WTI crude oil prices.

In addition, crude oil has also climbed higher after comments by Russian President Vladimir Putin who indicated that Russia will continue to curb crude production in keeping with the OPEC+ agreement. Earlier this year, OPEC and its allies had agreed to cut crude production by 1.2 million bod to support weakening oil prices in the face of lower demand.

Tensions in the Middle East have also lent support to crude oil prices, making them climb higher. Following protests in Iran, a US aircraft carrier strike group Abraham Lincoln sailed through the Strait of Hormuz region.

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Arslan Butt

Lead Markets Analyst – Multi-Asset (FX, Commodities, Crypto)

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.