WTI Crude Oil Trading Bullish Over Expectations for Drawdown in US Crude Inventories
Arslan Butt • 1 min read
Early on Tuesday, WTI crude oil is trading bullish over analysts’ expectations for a drawdown in US crude inventories for the previous week. At the time of writing, WTI crude oil is trading at around $60.50 per barrel.
A recent Reuters poll reveals that crude stockpiles in the US are expected to have declined by around 1.8 million barrels during the previous week. The forecast for a reduction in crude inventories signals rising demand in the US, one of the largest consumers of oil, and has driven crude oil prices higher as a result.
Crude oil has also turned bullish following recent remarks from Russia’s energy minister Alexander Novak expressing hope that OPEC’s recent production curbs are likely to support the oil market in 2020. In his interview, Novak comments that Russia is willing to cooperate with OPEC producers to continue supply cuts for as long as “the market requires it”.