On
Friday, the price of Western Texas Intermediate (WTI), the benchmark for US
crude oil, hovers below $79.00, showing a modest rebound from a seven-week low.
However, any potential gains may be constrained by increasing crude oil
stockpiles in the United States and diminishing expectations for interest rate
cuts by the US Federal Reserve (Fed). The Fed opted to keep interest rates
steady on Wednesday, citing persistent inflation.
On the other hand, Last
Wednesday, the US Energy Information Administration (EIA) announced that crude
oil stockpiles in the US for the week ending April 26 rose by 7.256 million
barrels, contrasting with the market's expectation of a decrease by 2.3 million
barrels.
Moreover, the easing of tensions in the Middle East and the potential
ceasefire between Israel and Hamas in Gaza have led to a narrowing of
fluctuations in crude oil prices.
Dr. Kamaran Qader Yaqub,
Financial consultant at Investment Spot company.
