West Texas Intermediate (WTI), the US crude Oil benchmark, is declining sharply into the $70.50s, down over 4.0% on Tuesday, as rumors of OPEC+ production cuts and concerns around slowing China demand weigh on the black gold.
WTI Oil has fallen to the $70 level as rumors OPEC is preparing to ramp up production lead traders to press sell. A slowdown in Chinese demand and weak Manufacturing figures further weigh. Mixed US inventory data, Libyan outages and possible Federal Reserve cuts are further factors. West Texas Intermediate , the US crude Oil benchmark, is declining sharply into the $70.50s a barrel, down over 4.
The Energy Information Agency figures for the week of August 23 showed Oil inventories did not fall as steeply as had been expected and contrasted the API data released on the day before, which showed a deeper-than-expected inventory draw. That said, Oil demand has been high in the US over the summer with eight out of the last nine inventory releases showing a decline in inventories, according to Bloomberg News.
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