WTI stands tall near multi-month peak, just above $85.00/barrel mark
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WTI US Crude Oil prices are consolidating near a five-month peak just above the $85.00/barrel mark. The Energy Information Administration (EIA) reported an unexpected build in US Crude stockpiles, which is seen as a headwind for oil prices. However, concerns about supply disruptions in the Middle East, tight global supply, and signs of improving demand are supporting prices. The risk of the Israel-Hamas war spreading to include Iran and disrupt supplies in the Middle East is acting as a tailwind. The meeting of top OPEC+ ministers on Wednesday kept oil supply policy unchanged and urged some countries to increase compliance with output cuts. Federal Reserve Chair Jerome Powell expressed caution about future interest rate cuts, but upbeat Chinese manufacturing data and signs of improving demand from the world's largest crude importer are contributing to support oil prices and limit any significant correction.
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