WTI crude oil price hovered around $72.20 per barrel on Wednesday, marking its third consecutive session in the negative territory. Although the market shrugged off concerns regarding the US-China trade war, increasing US crude oil inventories and growing geopolitical tensions contributed to the price decline. The US President Donald Trump's intensified economic pressure on Iran, aimed at slashing Iranian oil exports to zero, provided some support to the oil price by raising supply risks.
WTI moves little as the market shrugs off concerns over US-China trade war while support from Iran-related supply concerns remains. Trump reinstated his maximum pressure campaign, aiming to cut Iran’s Oil exports to zero. US API Weekly Crude Oil Stock rose by 5.025 million barrels in the previous week, against a previous 2.86-million-barrel build. West Texas Intermediate crude oil price remains in negative territory for the third consecutive session, trading around $72.
influence the price of WTI Oil? decides to lower quotas, it can tighten supply, pushing up Oil prices. When
CRUDE OIL WTI US-CHINA TRADE WAR IRAN SANCTIONS OPEC
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