WTI trades with modest gains above mid-$81,00s, bullish potential seems intact

WTI regains some positive traction on Thursday and is supported by a combination of factors. The Fed’s projected three rate cuts in 2024 undermine the USD and benefit the black liquid. Worries about tightening global support prospects for a further near-term appreciating move. West Texas Intermediate US Crude Oil prices attract some dip-buying during the Asian session on Thursday and reverse a part of the previous day's losses. The commodity currently trades around the $81.

Adding to this, a larger-than-expected fall in the US crude inventories, along with potential supply shocks from geopolitical disruptions in Russia and the Middle East, suggests that the path of least resistance for Oil prices is to the upside. The official report published by the US Energy Information Administration showed on Wednesday stockpiles declined unexpectedly by 2 million barrels to 445 million barrels during the week ended March 15.

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