<\/p>\n
Western Texas Intermediate (WTI), the US\u00a0crude oil\u00a0benchmark,\u00a0is trading\u00a0around $78.95\u00a0on Thursday. The black\u00a0gold\u00a0recovers losses after a surprise crude stock<\/a> draw in the United States<\/a>. \u00a0<\/p>\n The Energy Information Administration (EIA) reported\u00a0on Wednesday\u00a0that crude inventories for\u00a0the week ending\u00a0May 3 declined by 1.4 million barrels to 459.5 million barrels from 7.3 million\u00a0barrels\u00a0built in the previous week.\u00a0The market consensus estimated that\u00a0stocks\u00a0would decrease by 1.4 million barrels. A decline in oil inventories might lift the WTI prices as\u00a0it\u2019s\u00a0typically a sign that demand is increasing.\u00a0<\/p>\n The United States expects that discussions on a Gaza ceasefire will be able to close\u00a0the gap between Israel and Hamas. The US Central Intelligence Agency Director William Burns visited Israel on Wednesday and spoke with Israeli Prime Minister Benjamin Netanyahu, per Reuters. The easing geopolitical tensions in the Middle East might weigh\u00a0on\u00a0the WTI prices.\u00a0<\/p>\n Apart from this, the hawkish remarks from the US Federal Reserve (Fed) officials to hold the rates\u00a0higher for longer boost the Greenback broadly and might cap the upside of the\u00a0USD-denominated oil. Boston Fed president Susan Collins said on Wednesday that it will take longer\u00a0“than previously thought”\u00a0to bring inflation down.\u00a0<\/p>\n The Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia,\u00a0known as OPEC+, will meet on June 1 to discuss its production policy. Nonetheless, Russian Deputy Prime Minister Alexander Novak stated Tuesday that there is currently no talk among OPEC+ about increasing\u00a0oil\u00a0supply.<\/p>\n \u00a0<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":" WTI price edges higher to $78.95 on Thursday.\u00a0 US crude stocks\u00a0fell 1.4\u00a0million barrels last week, according to the EIA.\u00a0 The hopes of a ceasefire in Gaza have weighed\u00a0on\u00a0WTI prices in recent trading sessions.\u00a0 Western Texas Intermediate (WTI), the US\u00a0crude oil\u00a0benchmark,\u00a0is trading\u00a0around $78.95\u00a0on Thursday. The black\u00a0gold\u00a0recovers losses after a surprise crude stock draw in the United […]<\/p>\n","protected":false},"author":2,"featured_media":5194,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173],"tags":[201,248,251,246,351,257,255,250,683,252,247,253,249,256,254,664],"class_list":["post-298326","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-others","tag-blockchain","tag-bsc","tag-chainlink","tag-coin","tag-commodities","tag-cryptocurrency","tag-gta","tag-looks-rare","tag-oil","tag-oracle","tag-polygon","tag-quickswap","tag-safe-moon","tag-wallet","tag-wordpress","tag-wti"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/298326","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=298326"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/298326\/revisions"}],"predecessor-version":[{"id":298327,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/298326\/revisions\/298327"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/5194"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=298326"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=298326"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=298326"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}