- WTI prices halt its losing streak due to a drop in Weekly Crude Oil Stock in the previous week.
- EIA Crude Oil Stocks Change report is anticipated to show a 0.7 million-barrel increase for the week ending July 19.
- Israeli Prime Minister Benjamin Netanyahu will address US Congress, seeking to redirect American attention to the Middle East.
West Texas Intermediate (WTI) Oil price grapples to halt its four-day losing streak, trading around $77.40 per barrel during the European hours on Wednesday. The declining US crude inventories contribute support for the prices of the black Gold.
On Tuesday, the American Petroleum Institute (API) reported a drop of 3.9 million barrels in Weekly Crude Oil Stock for the week ending July 19, exceeding market expectations of a 2.47 million-barrel decrease. This follows a previous decline of 4.44 million barrels. The US Energy Information Administration’s (EIA) Crude Oil Stocks Change report, scheduled for Wednesday, is anticipated to show a 0.7 million-barrel increase for the same period.
However, crude Oil prices faced challenges during the Asian hours probably following a surge of optimism surrounding potential ceasefire negotiations between Israel and Hamas. Israeli Prime Minister Benjamin Netanyahu has hinted at a potential ceasefire agreement that could lead to the release of several hostages in Gaza.
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