West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $65.70 during the early Asian trading hours on Wednesday. The WTI price edges lower amid easing concerns about supply disruption after US President Donald Trump gives a 50-day deadline for Russia to end the war in Ukraine.
Trump late Monday announced new weapons for Ukraine and threatened sanctions on buyers of Russian exports unless Russia agrees to a peace deal in 50 days. The WTI price loses ground as the 50-day deadline raises hopes that sanctions could be avoided.
US crude oil inventory unexpectedly rose last week, signaling weaker demand and weighing on the WTI price. The American Petroleum Institute (API) weekly report showed crude oil stockpiles in the US for the week ending July 11 climbed by 19.1 million barrels, compared to a fall of 7.1 million barrels in the previous week. The market consensus estimated that stocks would decline by 2 million barrels. It is the largest single-week build reported by the API in at least a decade.
On the other hand, the better-than-expected China's Gross domestic product (GDP) report could provide some support to the WTI price, as China is the world's second-largest oil consumer. The Chinese economy grew 5.2% YoY in the second quarter (Q2), compared to 5.4% in Q1, according to the National Bureau of Statistics (NBS). That was higher than the estimation of 5.1%. "The Chinese economic data was supportive overnight," said Phil Flynn, senior analyst with Price Futures Group.
Source: FXStreet
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