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Old 24-07-2023, 11:18
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Default WTI Oil Holds Steady Above $76.60 as FOMC Meeting Approaches

Western Texas Intermediate (WTI), the benchmark for US crude oil, is maintaining its position above the $76.60 level on Friday, displaying consolidation after achieving its fourth consecutive weekly gain. This upward momentum comes amidst indications of a tightening oil market.

Adding to market dynamics, tensions between Russia and Ukraine have escalated, with Russia attacking Ukrainian food export facilities for the fourth consecutive day and seizing ships in the Black Sea. These geopolitical developments have provided support to WTI prices.

Examining recent data, the Energy Information Administration (EIA) reported a decrease of 708,000 barrels in crude oil stocks for the week ending July 14. This figure contrasted with expectations of a 2.44-million-barrel decline and a 5.946 million barrel gain observed the previous week, further contributing to the positive sentiment surrounding WTI.

Additionally, Baker Hughes disclosed a decline of seven oil rigs in the United States this week, marking the largest drop since early June. With the number of active oil rigs reaching its lowest level since March 2022, at 530, concerns over the supply-side dynamics have emerged, propelling crude oil prices higher.

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