Crude Oil Gives Up Wednesday’s Gains as Traders Await the G20 Summit

WTI crude oil prices are trading lower on Thursday, after having risen sharply in the previous session over a significant drawdown in US crude stockpiles reported by the EIA. At the time of writing, EIA is trading at around $59.08 per barrel.

On Wednesday, crude oil prices gained 2% over a bigger than expected drawdown in stockpiles as crude exports from the US touched record highs and refined crude stockpiles dropped to record lows. However, the focus has now shifted to the upcoming G20 summit as markets remain worried about whether the Trump-Xi meeting will lead to positive developments in the trade negotiations.

On Wednesday, US President Donald Trump continued to express optimism about his impending meeting with Xi Jinping, but also mentioned a Plan B in case things didn’t work out. In such a scenario, the US could consider reducing business ties with China, which has made the markets wary once again.

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ABOUT THE AUTHOR See More
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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