WTI Crude Oil Trading Bullish Over Expectations for Drawdown in US Crude Inventories - Forex News by FX Leaders
WTI crude oil

WTI Crude Oil Trading Bullish Over Expectations for Drawdown in US Crude Inventories

Posted Tuesday, December 24, 2019 by
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”.

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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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