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WTI recovered from the slump of $47 per barrel, as it found support in the recent rise in geopolitical tensions in the Middle East. Earlier this month, the US President Donald Trump launched missile strikes on Syria in response to the alleged use of chemical weapons by the Assad government and launched the biggest non-nuclear bomb in Afghanistan. However, as the tensions ease in the Korean peninsula and the production continued to rise in the United States, WTI has fallen below $50 per barrel. WTI is now slowly grinding lower, along with the Brent. WTI is currently trading at $49.1 per barrel and Brent at $2.5 per barrel premium.
Key factors at play in crude oil market –
Today’s inventory report from US Energy Information Administration (EIA) will be released at 14:30 GMT. Trade idea –