On Wednesday, WTI Crude prices rose by 1.55 percent to close at $54.9 per ounce. Prices surged after U.S. Crude inventory levels dipped significantly signaling towards growing crude demand even after the prolonged trade spat between U.S & China.
As per the reports from the Energy Information Administration, last week U.S. Crude inventory levels feel by 10 million barrels exceeding the market expectation of a fall of 2.1 million barrels pointing towards growing demand for Crude.
Oil prices have declined around 20% from a 2019 high recorded 4 months back in April. No concrete outcome of the trade war between U.S. & China continues to raise demand worries for Crude and push the prices lower. New and revised tariffs will kick in from next week which i.e. on 1 st September 2019. U.S. has imposed tariffs on $300 billion worth of Chinese goods whereas China has also decided to retaliate by imposing tariffs on $75 billion worth of U.S. products effective from the same day.
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