Western Texas Intermediate (WTI), the US crude oil benchmark, is trading around $84.60 on Wednesday.
WTI extends its downside near $84.60 on Wednesday. The bigger-than-expected build in US crude inventories weighs on the black gold. The uncertainty over Gaza ceasefire talks and ongoing Middle East geopolitical tensions might cap the downside of WTI . Western Texas Intermediate , the US crude oil benchmark, is trading around $84.60 on Wednesday.
415 million barrels, according to the American Petroleum Institute on Tuesday. The leader of Iran's Revolutionary Guard navy said that the Strait of Hormuz might be closed if necessary. About a fifth of the volume of the world's total oil consumption passes through the strait every day. This, in turn, might trigger the fear of oil supply disruption and cap the downside of WTI prices.
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