Western Texas Intermediate (WTI), the US crude oil benchmark, is trading around $78.00 on Wednesday.
WTI prices remained slightly on the defensive near $78.00 on Wednesday. The easing fear of oil supply disruption caps the upside of black gold forthe time being. Saudi Arabia has increased oil prices to Asian customers, including China. Western Texas Intermediate , the UScrude oilbenchmark,is tradingaround $78.00 on Wednesday. The blackgold edges lower due to a stronger US Dollar and signs of easing supply concerns.
On Tuesday, the American Petroleum Institute revealed that US crude inventories forthe week endingMay 3 rose by 509,000 barrels from a build of 4.9Mbarrelsinthe previous week.The market consensus estimated thatstockswould decrease by 1.43M barrels. A rise in US crude oil stock exerts some selling pressure on black gold prices, as it’s typically a sign of weak demand.
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