Group 1 - Oil prices experienced a decline after a three-day increase, with WTI trading around $64.50 per barrel, following a 3.2% gain in previous sessions [1] - Ukrainian attacks on Russian energy infrastructure have contributed to a reduction in Russian oil production, reaching its lowest post-pandemic level according to Goldman Sachs [1] - A significant crude draw of over 9 million barrels was reported, marking the largest draw since June, which may lead to increased buying pressure if confirmed by official data [5][8] Group 2 - US crude production remains near record highs, despite a stall in the decline of the rig count [10] - Oil prices have been fluctuating within a narrow range of $5 for the past month and a half, influenced by geopolitical tensions and bearish fundamentals [11] - The market is anticipating a Federal Reserve interest rate decision, with expectations of a 25 basis-point cut being priced in, while a surprise 50 basis-point cut could lead to a more risk-on environment [16]
WTI Extends Gains AFter Biggest Crude Build In 3 Months