Despite escalating tensions globally, oil prices dropped for a third consecutive day on Tuesday, May 21, driven by an oil inventory build and the Fed's stubborn stance against falling inflation.
WTI fell to a 5-month low on Tuesday due to uncertainty around OPEC+ cuts and increased API stocks. With concerns over demand growing and US production at record highs, crude declined for its fourth consecutive session.
WTI is surging toward $100 after OPEC+ cuts extension in early September, supported by the latest API and China data. However, concerns about the impact of higher prices on inflation and the possibility of a recession in the US loom.
Crude oil recorded its longest winning streak in over four years, fueled by several factors. However, looming concerns about inflation and potential supply increases from Iran, Venezuela, and Libya may weigh on prices.
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