21.08.202518:33:33UTC+00WTI Crude Rises on Strong US Demand

On Thursday, West Texas Intermediate (WTI) crude oil futures increased by 1.3%, reaching $63.5 per barrel. This rise was driven by indications of strong demand in the United States and the ongoing uncertainty regarding efforts to resolve the conflict in Ukraine. A significant 6-million-barrel reduction in U.S. crude oil inventories, which exceeded expectations, contributed positively to market sentiment. However, increasing stockpiles at Cushing indicated that the underlying demand might not be as strong as anticipated. Geopolitical tensions further influenced market dynamics, as Russia asserted that any peace efforts lacking Moscow's involvement would be in vain, and the United States declared new tariffs on Indian goods due to India's heavy reliance on Russian oil imports. Traders were also contemplating the possibility of stricter sanctions on Russia, which supported the prevailing optimistic momentum. Additionally, market participants were closely monitoring Federal Reserve Chair Jerome Powell's forthcoming statements at Jackson Hole for insights on monetary policy that could affect global demand trends.