WTI crude eases near $64.50 as traders take profits, while U.S. stockpile draw and geopolitical risks keep downside limited.
WTI Oil Price Slips to $64.49 on Profit-Taking Amid Falling U.S. Crude Stocks
The WTI crude oil price slipped in Thursday’s Asian session, trading near $64.50 per barrel. Prices retreated after hitting a three-week high earlier this week. The decline reflects profit-taking among traders. However, falling U.S. inventories and rising geopolitical tensions continue to limit deeper losses.
WTI Crude Oil Price Impacted by U.S. Inventory Report
Fresh data from the U.S. Energy Information Administration (EIA) showed that crude oil stockpiles dropped by 607,000 barrels in the week ending September 19. The fall was far smaller than the 9.285 million-barrel draw seen a week earlier. Still, it surprised markets. Analysts had expected a modest increase, which makes the report somewhat supportive for oil prices.
Geopolitics Add to Supply Concer
Ukraine has stepped up drone strikes on Russian refineries and export terminals. These attacks have already disrupted fuel supplies. Moreover, they have raised fears of tighter global markets. Analysts warn that Moscow could impose fuel export restrictions. Such a move would further reduce supply and provide a bullish backdrop for crude.
Inventory Decline Supports WTI Oil Price
The draw in crude, gasoline, and distillates highlights steady fuel demand. As a result, the downside in the WTI crude oil price remains limited despite profit-taking.
Geopolitical Risks Keep Crude Oil Market Volatile
Ukraine has intensified drone attacks on Russian refineries and export facilities, aiming to reduce Moscow’s energy revenues. This disruption may force Russia to impose export restrictions, which could tighten global oil supplies further.
Russia-Ukraine Tensions Influence WTI Price
Prolonged conflict in Eastern Europe could push the WTI oil price higher. Therefore, geopolitical risks remain a key driver for crude markets.
Outlook: Can the WTI Oil Price Rebound Above $65?
Despite the pullback, many analysts see this correction as temporary. The fundamentals still lean bullish.
Key Drivers for WTI Crude in Coming Weeks
Upcoming EIA inventory reports, continued geopolitical risks, and global demand trends will shape the WTI crude oil price in the near term.
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