FX.co ★ WTI Oil Halts 4-Day Decline

WTI crude oil futures climbed by 1.2% to close at $66 per barrel on Thursday, breaking a four-day losing streak. This rise was fueled by growing optimism regarding US trade negotiations and a more significant reduction in crude inventories than anticipated, which improved market sentiment. Investor confidence increased after reports indicated that the US and the EU were making progress on a trade agreement that would impose a 15% tariff on most EU goods, following a similar arrangement with Japan. This easing of trade tensions is expected to bolster global economic growth and alleviate worries about future oil demand. On the supply side, US crude stockpiles fell by 3.2 million barrels last week, significantly exceeding analysts' projections, suggesting robust demand. Elsewhere, geopolitical tensions remained elevated as Russia temporarily ceased oil exports from Black Sea ports, and both the US and EU considered further sanctions aimed at Russian energy.