Crude oil inventories rise by 452K barrels, below expectations, WTI positive
|Crude oil inventories were expected to rise by 2.005 million barrels for the week ending on February 21. The actual result is a smaller build of only 0.452 million. West Texas Intermediate (WTI) has topped $50 in the immediate aftermath.
WTI has been struggling to hold onto the $50 level amid coronavirus fears. A global slowdown – or even a recession – triggered by the respiratory disease is set to reduce demand for the black gold.
Russia and Saudi Arabia have been at odds over potential future production cuts in response to the outbreak.
President Donald Trump is set to deliver a speech on the virus at 23:00 GMT.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.