West Texas Intermediate (WTI), the US crude benchmark, was trading around $78.85 on Thursday (16/1). WTI prices moved lower on improving prospects of a ceasefire between Hamas and Israel that could ease geopolitical tensions in the Middle East, weighing on WTI prices.
According to an official, Israel and Hamas have agreed to a deal to halt fighting in Gaza and exchange Israeli hostages for Palestinian prisoners. An end to the conflict between Israel and Hamas would ease tensions in the Middle East and reduce the threat of disruption to crude supplies in the region. This, in turn, could hurt the price of black gold.
However, US crude inventories extended their decline, which may limit the decline in WTI prices. The US Energy Information Administration's weekly report showed that crude inventories in the United States for the week ending January 10 fell by 1.962 million barrels, compared with a decline of 959 thousand barrels in the previous week. Market consensus had forecast a decline of 1.6 million barrels.
Oil traders await the release of US Retail Sales for December and weekly Initial Jobless Claims for fresh impetus, due on Thursday. A weaker-than-expected reading could drag the greenback lower and lift the USD-denominated commodity. (AL)
Source: FXStreet
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