Crude Oil is trading today in the Asian session below the $78 level.
On Wednesday, oil prices began slightly lower, reflecting indications of alleviating supply concerns, while attention turned towards forthcoming U.S. stockpile data.
Reports from the American Petroleum Institute revealed a surge in U.S. crude and fuel inventories last week, contradicting analysts' predictions and suggesting subdued demand.
Despite escalating tensions in the Middle East, notably the Israeli military's actions in the Gaza Strip, traders appeared largely unmoved as mediators endeavoured to broker a ceasefire agreement.
Additionally, oil prices received a boost on Tuesday following news of a U.S. government initiative to purchase over 3 million barrels of oil for the Strategic Petroleum Reserve (SPR).