Crude Oil Price Goes Down - Let's Look Forward To Oil Refiners' Meeting | ICM.COM

The Commodities Feed: First US crude draw this year

WTI Dips amid global economic worries despite short supply

West Texas Intermediate (WTI) is on a downward pressure towards a monthly low despite easing slightly on early Monday in Asia. This follows global fears of economic decline as well as expectations for higher supply. Another factor that may be contributing to the fall in oil prices are headlines in the US suggesting relief from the Biden administration during this week's oil refiners' meeting.

Looking ahead, WTI traders await Fed Chairman Jerome Powell's testimony on Wednesday and the oil refiners' meeting on Thursday for fresh directions.

The Commodities Feed: First US crude draw this year

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