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West Texas Intermediate (WTI) price trades higher near $72.50 per barrel during the Asian session on Wednesday, extending its gains for the second consecutive session. The recent rise in Crude oil prices can be attributed to several factors. The Crude stock data from the United States (US) revealed a reduction, exceeding market anticipations for the week ending on January 5. Additionally, concerns about oil supply were heightened as Iran-backed Houthi militants launched a significant attack on vessels in the Red Sea.
American Petroleum Institute (API) released the Weekly Crude Oil Stock report showed a decline of 5.215M against the expected fall of 1.2M. The previous reading was a 7.418M decline. US Energy Information Administration will release Crude Oil Stocks Change on Wednesday for the said period. Moreover, the US Energy Information Administration (EIA) projects that domestic Crude oil production in the United States will reach record levels over the next two years. However, the growth rate is expected to slow down.
The reported attack by Iran-backed Houthi militants on commercial merchant vessels in the Red Sea has raised concerns about the safety of maritime routes and potential disruptions to global oil supply. This geopolitical development adds to the existing tensions in the region and may contribute to increased volatility in oil markets.
CNBC reports indicate that attacks occurred in two locations: southwest of Mokha, and Hodeidah in Yemen. American officials state that around 50 merchant vessels were present in the area during the attack. Additionally, US Secretary of State Antony Blinken appealed during his visit to Israel, urging officials to make “hard choices” to foster normalization in the region.
