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WTI extends its downside below $82.50 on crude inventory build

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Oil News

WTI,Commodities

Western Texas Intermediate (WTI), the US crude oil benchmark, is trading around $82.25 on Thursday.

WTI trades in negative territory for the third consecutive day near $82.25 on Thursday. A rise in US crude inventory and a higher possibility of delay rate cuts from the Fed drag the black gold lower. Oil traders will monitor the development surrounding Middle East geopolitical tensions. Western Texas Intermediate , the US crude oil benchmark, is trading around $82.25 on Thursday.

Late Wednesday, Fed Cleveland President Loretta Mester said that inflation is higher than expected and the central bank needs more confidence in its trajectory. Meanwhile, Fed Chair Jerome Powell emphasized that he will wait longer than previously expected to cut rates after unexpectedly upside inflation data, adding that the US central bank will likely take more time to gain confidence that inflation is headed toward the Fed’s 2% target before lowering borrowing costs.

 

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