WTI climbs 1.46% to $78.91, buoyed by US crude inventory drop and geopolitical risks impacting supply.
EIA report reveals larger-than-expected decrease in gasoline stocks, with crude inventories falling against forecasts.
Market eyes OPEC and IEA updates on oil demand, with Fed policy shifts potentially influencing future price movements.
West Texas Intermediate (WTI), the US crude oil benchmark, rises some 1.46% on Wednesday after bouncing from a daily low of $77.33 in the early North American session. Geopolitical risks threaten to underwhelm supply, and the expectation that the Federal Reserve might begin its easing cycle underpins oil prices. At the time of writing, WTI exchanges hands at $78.91.
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