-
WTI Price Analysis: WTI jumps after Crude Oil Stocks data from the US
The price of WTI (West Texas Intermediate) Crude Oil experienced a notable jump, rallying from a low of $67.10 and stabilizing around $69.42, seeing more than 2% gains. This surge was triggered by the EIA Crude Oil Stocks data release, which reported a significant drop in inventories that surpassed market expectations. However, the upside potential for oil prices may face limitations due to the recent strength of the US Dollar following Jerome Powell's speech at the ECB (European Central Bank) forum, in which he hinted at more rate hikes. According to the US Energy Information Administration (EIA), the Crude Oil ... (full story)