Ahead of API, WTI slides to multi-day lows near $80.00

Prices for WTI extended last US session’s drop near $80.00 though crude oil received some initial support from encouraging Chinese data. The API’s weekly report on inventory is awaited at the moment.

On Tuesday, renewed selling pressure pushes the price of a barrel of American benchmark sweet light crude oil close to the crucial $80.00 level.

After traders appear to have already absorbed the favourable data from the Chinese calendar issued during early trade, prices of the West Texas Intermediate barrel extend the weekly leg lower and test the $80.00 level.

However, the probability of an economic slowdown seems to have prompted bears to return to the markets in light of the Fed’s stronger certainty that it would raise interest rates by 25 basis points at its meeting on May 3.

Crude oil exports from the Turkish port of Ceyhan will likely resume in the near future, this news also gave the commodity’s selling sentiment additional motivation. Prior to the EIA report on Wednesday, the API will release a report on US crude oil stocks for the week ending April 14 later in the NA session. The price of WTI is currently traded between $80.85 and $80.93.