Oil Bulls Run Halted by President Trump’s Tweet
US West-West Intermediate (WTI) and Brent Crude Oil (LCOc1) futures prices fell more than 1% after both key US benchmarks rose over 3% on Tuesday
Oil traders are also monitoring the health of the world's most powerful political leader as he is still being treated for a COVID-19 infection, and the bearish bias was heightened when he announced via his Twitter handle that he was up for discussion with the opposition party ends on an economic aid deal for its COVID-19-affected economy with the US presidential election in just a few weeks.
The bears are now in command as the prevailing challenge in realigning demand came to fruition when recent statistics from the American Petroleum Institute showed U.S. crude oil inventories rose 951,000 barrels last week - more than energy analysts expected.
However, selling pressure currently prevailing in the oil market has been curbed as large oil companies around the Gulf of Mexico fought hard to secure their offshore oil platforms when Hurricane Delta affected US oil production around the vital energy hub on the American continent, the accounts for about 17% of total US crude oil production
In addition, oil prices are still holding a large chunk of Tuesday's profit as the latest oil barometer, President Trump, discharged from Walter Reed Hospital and other exogenous factors, which include a large crude oil producer Norway, announce it has some this will slow down its oil supply.
It is fair to say that the ever-changing energy market would now shift focus to realigning demand, although price volatility is to be expected given the rapidly approaching US election.
In our economic calendar you will find all economic events of today.
This article was originally published on FX Empire
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