WTI Crude Oil Trading Flat, Weak Economic Data Weighs
WTI crude oil prices climbed higher on Thursday over rising tensions in the Middle East and the EIA report which showed a massive drawdown in US crude stockpiles. After a slight dip below the 56 level early on Friday, crude oil has recovered but remain under pressure because of weak manufacturing figures from the Eurozone and the US.
At the time of writing, WTI crude oil is trading at around $56.05 per barrel. The EIA report released on Wednesday had revealed that crude inventories in the US had declined by nearly 11 million barrels during the previous week, while the forecast was for a 4 million barrel decline.
However, the ongoing US-China trade war and weak economic data releases from major economies globally have markets worried about falling demand for crude oil in the near future. While fundamentals, geopolitics and supply curbs continue to support oil prices from falling too low, the long term outlook for crude oil continues to remain bearish.
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