Crude oil became unstable due to the withdrawal of stocks of crude oil produced in the United States

On Wednesday, WTI crude oil futures hovered around $81 per barrel, trying to break the 3-day decline as traders reacted to a more than expected decline in US crude oil inventories.

According to API data, U.S. crude oil inventories fell by 1.923 million barrels for the week ending 7/5, significantly exceeding market expectations of a decrease of 0.0025 million barrels.

Furthermore, while Federal Reserve Chairman Powell confirmed improvements in the data observed for the fiscal year ending 6, he emphasized that additional data would increase confidence in inflation forecasts, so the possibility that interest rate cuts by the US Federal Reserve (Fed) is increasing also underpins the crude oil exchange rate.

This movement is expected to boost economic activity and demand.

Meanwhile, the Palestinian authorities reported that more than 20 people were killed in Israeli air strikes in southern Gaza, residents were forced to evacuate due to tanks advancing in Gaza city, and there is a possibility that cease-fire negotiations with Hamas will be jeopardized, and concerns about supply risks of supplies are growing.