West Texas Intermediate crude oil traded near $59.00 on Wednesday, registering a significant daily decline of 2.80%. The commodity remains under pressure as the market digests conflicting inventory reports. A larger-than-expected build from the American Petroleum Institute was partially offset by an official draw reported by the Energy Information Administration, creating a mixed fundamental picture for traders.
The downside for the USD-denominated asset is being limited by escalating geopolitical tensions. Traders are closely monitoring the potential for new sanctions on major Russian energy producers, which could threaten global supply. This development is supporting the exchange rate and preventing a steeper collapse, as risk sentiment in broader forex markets remains cautious. The price action reflects a ongoing battle between bearish inventory data and bullish risk premiums.
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Data Source: GrowingPool Analysis Team Updated: 2025-11-19 17:33
Disclaimer: This article is for reference only and does not constitute investment advice. Forex trading involves risks; please make decisions carefully.