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Reading: WTI remains above $79.00 before the release of US NFP data
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Gulf Press > Business > Forex > WTI remains above $79.00 before the release of US NFP data
Forex

WTI remains above $79.00 before the release of US NFP data

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Last updated: 2024/05/03 at 1:41 AM
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On Friday, Western Texas Intermediate (WTI) crude oil prices recovered to $79.00, marking a 0.28% gain. Despite this modest rebound, the black gold remains under pressure due to a surprise build in US crude stocks and fading hopes for rate cuts from the US Federal Reserve (Fed). The Fed’s decision to keep interest rates unchanged on Wednesday, citing concerns about stubborn inflation, could impact oil demand as economic activity slows down. The US Energy Information Administration (EIA) reported a significant increase in US crude inventories for the week ending April 26, adding to worries about weakening oil demand. This unexpected build was the highest since June 2023, putting further downward pressure on WTI prices.

In addition to rising inventories, weaker global demand and easing Middle East geopolitical risks are also contributing to the downward pressure on WTI prices. The Fed’s decision to maintain interest rates until it sees sustainable easing in inflation to its 2% target could weigh on oil prices by signaling reduced demand. While geopolitical tensions in the Middle East have eased recently, any escalation could lead to fears of oil supply disruptions in the region and push prices higher. Market participants are closely monitoring the situation to assess any potential impact on crude oil prices.

The prospect of a ceasefire between Israel and Hamas in Gaza has led to narrow trading in crude oil prices, with market players keeping a close eye on developments surrounding geopolitical risks. Any increase in tension could result in a fear of oil supply disruption in the region, leading to higher prices for the black gold. Despite these uncertainties, the WTI benchmark is trading around $79.00 on Friday, indicating some resilience in the face of multiple challenges.

Overall, the future trajectory of WTI prices will depend on a variety of factors, including US crude inventories, global demand trends, and geopolitical developments. The surprise build in US crude stocks and the Fed’s commitment to keeping interest rates steady until inflation eases could weigh on oil prices in the near term. However, any escalation in geopolitical tensions in the Middle East could lead to a spike in prices due to fears of supply disruptions. Market participants will continue to closely monitor these factors to navigate the challenging landscape of the oil market and make informed investment decisions.

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News Room May 3, 2024
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