WTI HOLDS ABOVE $75.00 AMID POSITIVE JOBLESS CLAIMS, FALLING CRUDE INVENTORIES
- WTI recovers to near $75.10 in Friday’s early Asian session.
- The upbeat US Initial Jobless Claims data and falling crude inventories support the WTI price.
- Chinese demand concerns might cap the upside in the near term.
West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $75.10 on Friday. WTI price edges higher on the back of falling crude inventories and positive US labor data.
US crude inventories fell for a sixth straight week, reflecting positive demand. According to the US. Energy Information Administration’s (EIA) weekly report, crude oil stockpiles in the United States for the week ending August 2 dropped by 3.728 million barrels, compared to a fall of 3.436 million barrels in the previous week. The market consensus estimated that stocks would decline by 0.4 million barrels.
Furthermore, the US Initial Jobless Claims data released on Thursday has eased some fears about the weakness in the US labor market. The US Initial Jobless Claims for the week ending August 3 rose by 233K, compared to the previous week of 250K (revised from 249K), below the consensus of 240K.
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