WTI price edges lower to near $64.55 in Thursday’s Asian session.
US crude inventories fell by 607,000 barrels last week, the EIA said.
Geopolitical risks could boost the WTI price.
West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $64.55 during the Asian trading hours on Thursday. The WTI decline as traders take profits after a rise to a three-week high in the previous session. However, a decline in US weekly crude inventories and concerns over Ukraine’s attacks on Russia's energy infrastructure might cap the WTI’s downside.
US crude inventories unexpectedly fell last week. Data released by the US Energy Information Administration (EIA) on Wednesday showed that crude oil stockpiles in the US for the week ending September 19 declined by 607,000 barrels, compared to a fall of 9.285 million barrels in the previous week. Analysts forecast in a Reuters poll estimated that stocks would increase by 235,000 barrels
"The report is somewhat supportive given the draws across the board here," said John Kilduff, partner with Again Capital, referring to the crude, distillate, and gasoline inventory draws in the EIA report.
The ongoing geopolitical tensions in the Middle East and Russia might lift the black gold. In recent weeks, Ukraine has stepped up drone attacks on Russian energy infrastructure, targeting refineries and export terminals to reduce Moscow's export revenues. As a result, Russia is experiencing shortages of certain fuel grades with possible export restrictions on fuel if needed.
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