WTI inches higher to near $70.50 following drop in US Oil stocks

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Oil Nouvelles

WTI,Macroeconomics,Commodities

West Texas Intermediate (WTI) Oil price extends its gains for the second consecutive day, trading around $70.40 per barrel during Asian hours on Friday.

WTI gained ground due to an unexpected drop in US Oil inventories. US Crude Oil Stock declined by 2.192 million barrels in the previous week, against the expected 2.3-million-barrel increase. Israel's military and the Shin Bet security service confirmed the killing of the militant leader Yahya Sinwar on Wednesday. West Texas Intermediate Oil price extends its gains for the second consecutive day, trading around $70.40 per barrel during Asian hours on Friday.

influence the price of WTI Oil? decides to lower quotas, it can tighten supply, pushing up Oil prices. When

 

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