Western Texas Intermediate (WTI), the US crude oil benchmark, is trading around $78.95 on Thursday.
WTI price edges higher to $78.95 on Thursday. US crude stocksfell 1.4million barrels last week, according to the EIA. The hopes of a ceasefire in Gaza have weighedon WTI prices in recent trading sessions. Western Texas Intermediate , the UScrude oilbenchmark,is tradingaround $78.95on Thursday. The blackgoldrecovers losses after a surprise crude stock draw in the United States. The Energy Information Administration reportedon Wednesdaythat crude inventories forthe week endingMay 3 declined by 1.
Apart from this, the hawkish remarks from the US Federal Reserve officials to hold the rateshigher for longer boost the Greenback broadly and might cap the upside of theUSD-denominated oil. Boston Fed president Susan Collins said on Wednesday that it will take longerthan previously thoughtto bring inflation down. The Organization of the Petroleum Exporting Countries and its allies, including Russia,known as OPEC+, will meet on June 1 to discuss its production policy.
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