WTI holds below $84.50 as hawkish Fed remarks offset geopolitical risks

WTI drifts lower to $84.25 on the hawkish Fed remarks on Wednesday. The possibility that the Fed will delay the interest rate cut weighs on the black gold. The Middle East geopolitical tension and higher China's crude oil imports boost WTI prices. Western Texas Intermediate , the US crude oil benchmark, is trading around $84.25 on Wednesday.

The market consensus estimated that stocks would rise by about 600,000 barrels, according to the American Petroleum Institute on Tuesday. The ongoing geopolitical tension in the Middle East continues to boost WTI prices. National Security Advisor Jake Sullivan said in a statement late Tuesday that new sanctions targeting Iran and sanctions against entities supporting theIslamic Revolutionary Guard Corpsand Iran's Defense Ministry will be imposed in the coming days.

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