WTI Crude Oil Prices Decline Even After API Report Shows Decline in US Crude Stockpiles
On Wednesday, WTI crude oil prices are sliding lower for the third consecutive data on the back of API’s crude inventories report. At the time of writing, WTI crude oil is trading at around $55.23 per barrel.
According to the API report released on Tuesday, US crude stocks at the Cushing delivery hub in Oklahoma grew by 1.2 million barrels during the previous week. Overall, US crude inventories declined by 700k barrels last week to touch 436 million, going against economists’ forecast which was foe a rise of 494k barrels.
Weakening demand worries are back in focus as the global economic growth slows down as a fallout effect of the US-China trade war. Although both nations have signaled that negotiations towards an interim trade agreement are making progress, a US administration official indicated on Tuesday that it may take more time to finalize the deal.


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