21.08.202501:03:34UTC+00Oil Edges Up Amid US Stocks Draw

WTI crude oil futures climbed to $62.8 per barrel on Thursday, extending gains from the previous day. This rise was bolstered by a larger-than-anticipated decrease in US crude inventories. According to the latest data from the Energy Information Administration (EIA), crude supplies decreased by 6 million barrels, reaching 420.7 million barrels last week, exceeding predictions of a 1.3 million-barrel reduction. Meanwhile, investors are attentively observing the ongoing diplomatic efforts aimed at achieving a peace agreement between Russia and Ukraine, facilitated by US President Donald Trump. Any significant advancement leading to the easing or lifting of sanctions on Russian crude exports could notably alter global supply conditions. Despite these developments, crude oil prices have declined by over 10% this year, driven by expectations of oversupply as OPEC+ resumes previously curtailed production and apprehensions about demand persist due to Trump's tariff policies.