WTI oil price falls beyond the $83 level as oil supply remains adequate unaffected by tensions in the Middle East
At 11:12 pm Thai time, West Texas Intermediate (WTI) crude oil price for June delivery. less $0.37 or 0.44% to $82.99/barrel.
Analysts said that Oil from the Middle East continues to flow into the market. As the United States increases production And the Organization of the Petroleum Exporting Countries (OPEC) still has excess production capacity to use if the market faces an oil supply crisis.
The market was also under pressure from the strengthening dollar. This reduces the attractiveness of the contract. By making oil contracts more expensive for holders of other currencies.
The market was not supported by the US disclosure of falling crude oil stocks. Contrary to analysts’ predictions
The US Energy Information Administration (EIA) said US crude oil stocks fell by 6.3 million barrels last week. while analysts expect an increase of 1.6 barrels.
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