Crude oil rises due to declining US inventories

WTI crude oil futures rose to $82.7 per barrel on Thursday, rising for the second day in a row.

According to EIA data, U.S. crude oil inventories fell by 3.44 million4,000 barrels for the week ending July 5, exceeding the expected decline of 3 million barrels.

Gasoline inventories also fell more than expected.

Furthermore, OPEC maintained the forecast that global oil demand in 2024 is expected to grow steadily, especially in the summer.

The EIA predicts that global oil demand will reach 0.1 billion4.7 million barrels (B/D) per day by 2025, slightly exceeding the expected supply volume of 0.1 billion 4.6 millionb/d, and there will be supply shortages in the future.

Meanwhile, investors are refraining from announcing the US Consumer Price Index (CPI), which could influence the US Federal Reserve (Fed) interest rate cut outlook.