Oil prices climb on declining US inventories and improving risk sentiment
The post Oil prices climb on declining US inventories and improving risk sentiment appeared on BitcoinEthereumNews.com.
US–China trade negotiations progress, lifting risk sentiment and supporting Oil gains. The US Energy Information Administration (EIA) released a weekly stockpile report, showing a larger-than-expected reduction in Oil inventories. WTI prices rise above $65.00 as risk sentiment supports increasing demand for Oil. West Texas Intermediate (WTI) crude oil is rallying on Wednesday, climbing more than 2% intraday as markets react positively to renewed momentum in US–China trade negotiations and a larger-than-expected drop in US crude inventories. The move was sparked by comments from President Donald Trump, who stated on Truth Social, “Our deal with China is done, subject to final approval with President Xi and me.” The announcement triggered a wave of optimism across financial markets, boosting risk appetite and supporting commodities like crude Oil, which are closely tied to global trade and industrial demand. Adding to the bullish tone, the latest inventory data from the US Energy Information Administration (EIA) showed that crude Oil stockpiles declined by 3.644 million barrels for the week ending June 7. This significantly exceeded expectations for a modest 0.1 million barrel increase and followed a prior 4.304 million barrel drawdown, reinforcing signs of tightening supply. Together, the improving macro backdrop and fundamental support have reignited upside momentum in oil markets, with WTI now trading near $65.50, its highest levels since the beginning of April. WTI Oil FAQs WTI Oil is a type of Crude Oil sold on international markets. The WTI stands for West Texas Intermediate, one of three major types including Brent and Dubai Crude. WTI is also referred to as “light” and “sweet” because of its relatively low gravity and sulfur content respectively. It is considered a high quality Oil that is easily refined. It is sourced in the United States and distributed via the Cushing hub, which is considered “The Pipeline…
Filed under: News - @ June 11, 2025 7:28 pm