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WTI holds below $85.50 amid inflation fears

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Oil News

WTI,Commodities

Western Texas Intermediate (WTI), the US crude oil benchmark, is trading around $85.00 on Friday.

WTI drifts lower to $85.00 on Friday. The higher-for-longer US rate narrative weighs on the black gold. The fear of Middle East geopolitical tensions might cap the WTI’s downside for the time being. Western Texas Intermediate , the US crude oil benchmark, is trading around $85.00 on Friday. The blackgoldedges lower on the day as the elevated inflation dampened the expectation for US interest rate cuts this year.

Additionally, WTI prices lose traction after the release of the EIA report. Crude oil stockpiles in the United States for the week ending April 5 increased by 5.841 million barrels from a build of 3.21 million barrels in the previous week. The market consensus estimated thatstockswould rise by about 2.366 million barrels, according to the US Energy Information Administration report on Wednesday. On the other hand, the fear of geopolitical risks in the Middle East might boost WTI prices.

 

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