There are many reasons for the decline of WTI crude oil futures, including the decline in demand and the surge in US crude oil inventories. According to the latest data of american petroleum institute (API), as of the week of 1 1.3, the crude oil inventories in the United States surged by 1 1.9 million barrels, and the added value in the previous week was 1.34 million barrels. In addition, major oil exporters Saudi Arabia and Russia have confirmed that they will continue to voluntarily cut oil production.