FX.co ★ WTI Ends 3-Day Losing Streak Amid Supply Disruptions

On Thursday, WTI crude oil futures increased by 1.7%, closing at $67.50 per barrel and breaking a three-day decline. This rise was driven by dwindling inventories and renewed geopolitical tensions in the Middle East. Recent data indicated a significant reduction in U.S. crude inventories by 3.9 million barrels last week, surpassing previous forecasts and highlighting a more restricted supply landscape. Additionally, drone strikes targeting oilfields in Iraq’s Kurdistan region resulted in shutdowns, reducing output by up to 150,000 barrels per day. The ongoing unrest in the region, further evidenced by recent Israeli airstrikes in Syria, heightened market concerns. Despite these issues, uncertainty looms regarding the repercussions of U.S. tariffs on global economic growth. A tropical disturbance in the Gulf of Mexico is being monitored, though it is not expected to escalate into a major storm.