West Texas Intermediate (WTI) Oil price continues to decline for the fifth consecutive day, trading around $73.90 per barrel during the Asian session on Tuesday.
WTI price lost ground as
intends to phase out production cuts of 2.2 million barrels per day over 2025. The US is purchasing an additional 3 million barrels of Oil for the country's Strategic Petroleum Reserve. Oil prices may struggle further due to the expectations of the Fedmaintaining higher rates for longer. West Texas Intermediate Oil price continues to decline for the fifth consecutive day, trading around $73.90 per barrel during the Asian session on Tuesday.
, announcing a gradual plan to ease some of their Oil production cuts. plans to phase out voluntary production cuts of 2.2 million barrels per day over the next year, starting in October. By December, over 500,000 bpd are expected to re-enter the market, with a total of 1.8 million bpd returning by June 2025. According to a Reuters report, the United States is purchasing an additional 3 million barrels of Oil for the country's Strategic Petroleum Reserve , as announced by the Department of Energy on Monday.
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