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WTI price tumbles to near $97.50 in Wednesday’s early Asian session, down 2.20% on the day.
Trump said the operation to reopen the Strait of Hormuz will be paused.
The API reported larger-than-expected crude oil inventories last week.
West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $97.50 during the early Asian trading hours on Wednesday. The WTI price falls amid easing tensions in the Middle East. Traders await the release of the Energy Information Administration (EIA) report, which will be published later on Wednesday.
US President Donald Trump said late Tuesday that an operation to reopen the Strait of Hormuz will be paused for a short period to see whether an agreement can be finalized and signed. Trump further stated that the decision was made at the request of Pakistan and other countries and follows what he called “tremendous military success” during a US campaign against Iran.
His latest statement on pausing Project Freedom came hours after the US Defence Secretary Pete Hegseth said the US-Iran ceasefire "certainly holds" for now. Furthermore, US Secretary of State Marco Rubio stated that the military objectives of the so-called “Operation Epic Fury” have concluded, and the offensive stage of the war with Iran is “over.”
US crude oil inventories declined for the third straight week. According to the American Petroleum Institute (API) weekly report, crude oil stockpiles in the US for the week ending May 1 fell by 8.1 million barrels, compared to a decrease of 1.79 million barrels in the previous week. The market consensus was for a decline of 2.8 million barrels.
Goldman Sachs analysts reported that global oil inventories are approaching their lowest level in the last eight years, warning that the rapid reduction in reserves is becoming a critical factor against the backdrop of limited supplies.
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