West Texas Intermediate (WTI) US Crude Oil slid to fresh lows on Thursday in a risk-off bid sparked by rate cut hopes drying up on the back of fresh concerns that services-side inflation will continue to run hotter than hoped.
WTI falls back below $77 per barrel as investor sentiment sours. Broad-market risk appetite evaporates, dragging broader markets lower. US production continues to threaten hopes of supply shortage. West Texas Intermediate US Crude Oil slid to fresh lows on Thursday in a risk-off bid sparked by rate cut hopes drying up on the back of fresh concerns that services-side inflation will continue to run hotter than hoped.
According to the American Petroleum Institute and the Energy Information Administration , US Crude Oil barrel counts have risen once again week-on-week, eating away at the previous week’s declines. API Crude Oil Stocks for the week ended May 17 rose 2.48 million barrels, well above the forecast -3.1 million drawdown and refilling most of the previous week’s -3.104 million decline. EIA Crude Oil Stocks change also climbed over the same weekly period, adding 1.
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