West Texas Intermediate (WTI) crude oil prices inched above the $88.50 mark following an unexpected decrease in US crude oil inventories last week, according to FX Street. Early Asian trading on Thursday saw WTI trading around $88.55, reflecting a modest but notable price gain.
The surprise draw in US crude stocks has contributed to a tightening market sentiment, supporting crude prices despite broader concerns about demand. FX Street highlighted that the inventory drop was not anticipated by market participants, adding upward pressure on oil benchmarks.
For Japanese investors, this development underscores the continued sensitivity of global energy markets to US supply data, which can impact commodity-linked assets and inflation expectations domestically.