- WTI struggles to gain traction and languishes near a two-week trough touched on Tuesday.
- A surprise rise in US crude inventories and easing Middle East tensions weigh on Oil prices.
- China’s economic woes keep bulls on the sidelines and act as a headwind for the commodity.
West Texas Intermediate (WTI) US crude Oil prices trade with a mild negative bias below the $73.00 mark during the Asian session on Wednesday and remain within the striking distance of a two-week low touched the previous day.
Concerns about supply disruptions from the Middle East eased after US Secretary of State Antony Blinken said on Monday that Israeli Prime Minister Benjamin Netanyahu had accepted a proposal to tackle disagreements blocking a ceasefire deal in Gaza. Apart from this, a surprise rise in US crude inventories continues undermining Crude Oil prices.
According to American Petroleum Institute figures released on Tuesday, US crude oil stocks rose by 347,000 barrels in the week ended August 16, which pointed to oversupply in the world's biggest consumer of oil. This comes on top of worries about a slowdown in China – the world's top Oil importer – and further acts as a headwind for the commodity
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