Crude Oil is trading today in the European session above the $82 level.
Oil prices are on the rise, buoyed by encouraging demand signals following a decline in U.S. crude inventories, marking the first drop in five weeks. The Energy Information Administration's report revealed a substantial 6.4 million-barrel reduction in U.S. crude stocks, defying projections of a fifth consecutive build-up in inventories.
Furthermore, Tuesday's release of tepid U.S. manufacturing data has fueled speculation that the Federal Reserve might expedite interest-rate cuts. Typically, lower borrowing costs stimulate economic activity and subsequently drive up demand for crude oil. Traders are now eagerly awaiting key economic indicators and inflation data scheduled for release this week to glean further insights into the monetary policy outlook.
