WTI Oil price gains groundafter PBoC keeps interest rates unchanged on Monday. Oil prices may strugglepossibly due to the hawkish remarks from the Fed officials. Crude prices may strengthen due to the optimism for increased demand from the US and China. West Texas Intermediate Oil price continues to gain ground after an interest rate decision from China, trading around$79.70 per barrel during the Asian session on Monday.
Additionally, lower US interest rates could weaken the US Dollar , making Oil more affordable for buyer countries using other currencies. Data from the US Energy Information Administration showed that US crude stockpiles fell by 2.508 million barrels for the week ending on May 10, marking the second consecutive week of decline and surpassing the expected decline of 1.350 million barrels. In China, industrial output increased by 6.