WTI is under pressure from rising US Dollar despite a dip in US oil inventories – by christianborjon Oil WTI Commodities Energy
US crude inventories
On Wednesday, the US Energy Information Administration revealed that crude inventories slid by 5.1 million barrels compared to last week, exceeding estimates of -1.5 million. The EIA informed that gasoline and distillates also declined by 2.4 million barrels and almost 600,000 barrels, respectively.
Of note is that WTI prices had almost erased all of their gains after the Organization of the Petroleum Exporting Countries and its allies, known collectively as OPEC+, announced additional cuts to crude oil in early April.
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