According to Angel Commodities, on Wednesday, WTI Crude prices rose by 1.55 percent to close at $54.9 per ounce.
Angel Commodities' report on Crude Oil
On Wednesday, WTI Crude prices rose by 1.55 percent to close at $54.9 per ounce. Prices surged after U.S. Crude inventory levels dipped significantly signaling towards growing crude demand even after the prolonged trade spat between U.S & China. As per the reports from the Energy Information Administration, last week U.S. Crude inventory levels feel by 10 million barrels exceeding the market expectation of a fall of 2.1 million barrels pointing towards growing demand for Crude. Oil prices have declined around 20% from a 2019 high recorded 4 months back in April. No concrete outcome of the trade war between U.S. & China continues to raise demand worries for Crude and push the prices lower. New and revised tariffs will kick in from next week which i.e. on 1 st September 2019. U.S. has imposed tariffs on $300 billion worth of Chinese goods whereas China has also decided to retaliate by imposing tariffs on $75 billion worth of U.S. products effective from the same day.
Escalating tension between U.S. and China amid rising global slowdown concerns might hamper the demand prospects for Crude and push the prices lower. We expect oil prices to trade lower today, international markets are trading lower by 0.38 percent at $55.56 per barrel.
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