WTI Crude Oil Prices Decline Amid Increased Inventories

WTI Crude Oil prices fell to $68.43 amid a surprise increase in U.S. gasoline inventories, which rose by 3.3 million barrels, contradicting expectations of a decline. The easing of geopolitical tensions in the Middle East following a ceasefire has also contributed to bearish sentiment, with analysts noting that concerns about oil supply disruptions have diminished. Market speculation ahead of the upcoming OPEC+ meeting suggests a delay in output increases, but if no extension is announced, prices could drop further. Technical analysis indicates WTI remains in a bearish trend, with key resistance levels at $68.98 and support at $68.02. RHB Investment Bank has maintained a negative outlook on WTI, predicting further declines towards $64 and $60. Overall, despite temporary price fluctuations, the prevailing sentiment in the market leans towards a bearish trajectory for crude oil.