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West Texas Intermediate (WTI) Oil price steadies around $67.40 during Wednesday’s Asian session, following two days of declines. Crude Oil prices found support from a surprise drop in US crude oil inventories.Data from the American Petroleum Institute (API) on Tuesday showed that US weekly crude Oil stockpiles fell by 0.573 million barrels in the week ending October 25, contrary to expectations of a 2.3 million-barrel increase. The previous week’s stock level was 1.643 million barrels. Investors now await the EIA crude oil stockpiles report, due Wednesday.On Tuesday, Oil prices faced downward pressure after an Axios reporter stated on X that Israeli Prime Minister Benjamin Netanyahu would soon meet with several ministers and military and intelligence leaders to discuss a diplomatic resolution to the war in Lebanon, per Reuters.However, the US plan to purchase Oil for its Strategic Petroleum Reserve (SPR) provided some support for WTI prices. On Monday, the US announced intentions to acquire up to 3 million barrels for delivery by May next year. This purchase could deplete the remaining funds available for SPR replenishment until further funding is approved by Congress.Crude Oil prices may encounter challenges as the OPEC+ alliance, which includes the Organization of the Petroleum Exporting Countries and partners like Russia, plans to begin easing its production cuts in December, aiming for an increase of 180,000 barrels per day (bpd).More By This Author:USD/CHF Steadies Near 0.8650, Upside Seems Possible Amid Higher US Treasury Yields USD/CAD Hovers Near 1.3900, Three-Month Highs Amid Lower Crude Oil Prices Australian Dollar Loses Ground Despite The Hawkish RBA, Inflation Data Awaited
