WTI remains under selling pressure below $81.00 amid unexpected oil stockpile build

WTI trades in negative territory for the fourth consecutive day near $80.80 on Wednesday. The unexpected Crude oil stockpiles build in the US weigh on WTI prices. The rising Middle East tensions might raise the fear of oil supply disruption, lifting WTI. Western Texas Intermediate , the UScrude oilbenchmark, is trading around $80.80 on Wednesday. The blackgoldedges lower on rising crude inventories in the United States and easing geopolitical tensions in the Middle East.

Thismight lead to a stronger US Dollar and exert some selling pressure on the USD-denominatedoil. Furthermore, the hope that a ceasefire agreement between Israel and Hamas might be inreach,reduces the fear of awiderconflict in the Middle East. However, Israeli Prime Minister Benjamin Netanyahu downplayed expectations that a proposed hostage deal would prevent an attack on the southern Gaza city of Rafah, per CNBC.

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