Crude Oil is trading today in the Asian session below the $83 level.
On Thursday, the US crude oil benchmark is trading near $82.25, slightly down for the day due to an increase in US crude inventory and expectations of delayed rate cuts from the Federal Reserve (Fed). However, escalating geopolitical tensions in the Middle East may limit further declines.
US crude oil stocks have risen for a fourth consecutive week. For the week ending April 12, crude oil stockpiles in the United States increased by 2.735 million barrels, compared to a build of 5.841 million barrels the previous week. The Energy Information Administration reported that the market consensus had anticipated a 1.6 million barrel increase.