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WTI Crude Oil Edges Slightly Lower Into New Year 2020

Happy New Year, everyone!

On the first day of 2020, WTI crude oil prices are trading slightly bearish despite the API report revealing a drawdown in US crude stockpiles for the previous week. At the time of writing, WTI crude oil is trading around $61.35 per barrel.

According to the API report which released in the previous session, crude inventories in the US declined by 7.8 million barrels to 436 million barrels during last week. Analysts had forecast a lower drawdown of 3.2 million barrels. Meanwhile, US crude imports also declined by 447k barrels to 5.97 million bpd.

Crude oil prices, however, remain supported over the upcoming phase one trade deal between the US and China. On Tuesday, Trump officially confirmed that the signing ceremony will be held in Washington on January 15 and that he will travel to Beijing to start round two of trade talks after the phase one trade agreement gets inked.

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Arslan Butt
Index & Commodity Analyst
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.
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