Western Texas Intermediate (WTI), the US crude oil benchmark, is trading around $82.45 on Thursday.
WTI edges lower to $82.45 on Thursday as the fear ofwiderwar in the Middle East eased. Higher bets that the US Fed will delay rate cuts support the Greenback. US commercial crude stockpiles last week fell by 6.368 million barrels, thelargestdrawdown since mid-January. Western Texas Intermediate , the UScrude oilbenchmark, is trading around $82.45 on Thursday. The black gold edges lower as the fear overwiderconflict in the Middle East fades.
It’sworth noting that a strong dollar makes oil more expensive for holders of other currencies. Several US Fed officialsnotedthatrate cuts aren’t comingin the coming months as inflationremains stickierthan expected. On the other hand. TheUS commercial crude stockpiles for the week ending April 19 fell by 6.368 million barrels from the previous reading of 2.735 million barrels built.
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