WTI slips back below $80 per barrel. Crude Oil markets unsettled by latest Fed rate call. Supplies continue to overwhelm Crude Oil demand. West Texas Intermediate US Crude Oil fell below $80.00 per barrel on Wednesday as US Crude Oil supply continues to overwhelm demand, and the US Federal Reserve remains hobbled on the path forward toward rate cuts.
This week’s EIA print represents the highest WoW Crude Oil buildup since the week ended February 9. EIA US Crude Oil Stocks are up 9.473 million barrels in the month of April, and US Crude Oil production tracked by the EIA has oversupplied nearly 30 million barrels since the beginning of the year.
WTI Energy
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