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