On Wednesday, WTI Crude prices declined by 1.17 percent to close at $55.7 per barrel. Rising global tension amid a build-up in U.S. refined product stocks pushed the prices lower.
However, the downfall in the prices was restricted after the U.S. crude stock piles fell more than expected in the week ending on 16th august 2019 as refineries increased production. U.S. Crude stock piles dipped by 2.7 million barrels last week which exceeded the markets expectations for a drop of 1.9 million barrels.
Crude prices were also pressurized after the Organization of the Petroleum Exporting Countries (OPEC) trimmed down its forecast for global oil demand growth in 2019 by 40,000 barrels per day (bpd) to 1.10 million bpd.
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