Crude Oil Continues to Trade Bearish Over Rising Stockpiles in the US – Forex News by FX Leaders

WTI crude oil prices continued to fall on Thursday, driven by a surge in US crude inventories. On Wednesday, the Energy Information Administration (EIA) reported a build of 4.7 million barrels in crude inventories during the week of May 17, lower than the previous week’s build of 5.4 million barrels.

According to EIA, crude oil production in the US also climbed higher by 100,000 bpd to touch 12.2 million bpd. At the time of writing, WTI crude oil is trading at around $61.05.

The trade war between US and China continues to weigh on oil markets as investors worry about its impact on global economic growth and how it could slow down demand for oil.

However, oil prices are also finding support over escalation of tensions between US and Iran in the Middle East as well as potential restrictions in crude production by OPEC continuing beyond June.

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