WTI fell to a 5-month low on Tuesday due to uncertainty around OPEC+ cuts and increased API stocks. With concerns over demand growing and US production at record highs, crude declined for its fourth consecutive session.
WTI is surging toward $100 after OPEC+ cuts extension in early September, supported by the latest API and China data. However, concerns about the impact of higher prices on inflation and the possibility of a recession in the US loom.
Crude oil recorded its longest winning streak in over four years, fueled by several factors. However, looming concerns about inflation and potential supply increases from Iran, Venezuela, and Libya may weigh on prices.
WTI fell below $70/bbl on May 30th due to concerns over tensions between Saudi Arabia and Russia, worries over the debt ceiling deal passing by June 5, and uncertainty regarding OPEC+ production cuts.
Videos & Articles help you expand your trading knowledge.
Our Economic calendar helps you explore global market events.
Understand the full costs of your trades now for better expense management later.
This information is written by Plus500 Ltd. The information is provided for general purposes only, and does not take into account any personal circumstances or objectives. Before acting on this material, you should consider whether it is suitable for your particular circumstances and, if necessary, seek professional advice. No representation or warranty is given as to the accuracy or completeness of this information. It does not constitute financial, investment or other advice on which you can rely. Any references to past performance, historical returns, future projections, and statistical forecasts are no guarantee of future returns or future performance. Plus500 will not be held responsible for any use that may be made of this information and for any consequences that may result from such use. Hence, any person acting based on this information does so at their own discretion. The information has not been prepared in accordance with legal requirements designed to promote the independence of investment research.
Cryptocurrency CFDs are not available to Retail Clients.
Plus500 uses cookies to improve your browsing experience. Click "Accept" to consent to all cookies or manage preferences on our cookie policy page.
