Western Texas Intermediate (WTI), the US crude oil benchmark, is trading around $79.00 on Friday.
WTI prices recover to $79.00, gaining 0.28% on Friday. A surprise build in US crude stocks exerts some selling pressure on black gold prices. WTI prices edge lower amid weaker global demandand easingMiddle East geopolitical risks. Western Texas Intermediate , the UScrude oilbenchmark,is tradingaround $79.00 on Friday. The blackgoldrebounds modestly from a seven-week low.
368 million barrel drawinthe previous week. The market consensus estimated thatstockswould decrease by 2.3 million barrels. This figure registered the highest since June 2023,adding toconcerns about a weakeningoildemand. Furthermore, easing geopolitical tensions in the Middle East and the prospect of a ceasefire between Israel and Hamas in Gaza lead to narrow trading in crude oil prices. However, market players will monitor the developments surrounding geopolitical risks.
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