WTI IMPROVES TO NEAR $80.00 DUE TO DECLINING US OIL STOCKPILES
- WTI Oil price appreciates as the American Petroleum Institute (API) reports a decline in US Oil stockpiles.
- API Crude Oil stock fell by 4.4 million barrels for the previous week, against the expected decrease of 33K barrels.
- Oil prices struggled after the hawkish remarks from Fed member Dr. Adriana Kugler on Tuesday.
West Texas Intermediate (WTI) Oil price recovers its intraday losses, trading around $80.00 per barrel during the European hours on Wednesday. The decline in the US Dollar (USD) contributes support for the crude Oil demand, underpinning the Oil prices.
Additionally, the Oil price receives support due to the declining Oil stockpiles in the United States (US), the world's largest Oil producer and consumer. The American Petroleum Institute (API) reported a decline of 4.4 million barrels in weekly crude Oil stock for the week ending July 12. Analysts surveyed by Reuters had estimated a smaller decrease of 33,000 barrels. The US Energy Information Administration will release its official storage report later in the North American session.
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