Oil Prices are on the decline

Oil prices retreated some ground this morning amid concerns about an economic decline and the Sino-U.S. trade war.

This trade disputes resulted in lower economic activity on a global scale and eventually lower demand for oil, which is reflected in reducing price levels.

Now, oil trades at $54.32, which is an incline of 0.09 or 0.16% from the previous close of $54.23.

The daily range is from 54.09 to 54.43, while the trading volume is 75.152K.

Moreover, the U.S.-China trade dispute negatively affected the markets, while a surprise build in U.S. crude stocks added downward pressure to oil prices.

Furthermore, on August 7, the U.S. Energy Information Administration (EIA) announced a report of 2.4 million barrels in U.S. stockpiles versus forecast of a 2.8 million draw.

As a matter of fact, U.S. crude oil inventories surged around 2% above the five-year average for the quarter.