WTI crude futures declined below $72 per barrel on Thursday, following a 3.3% increase in the previous session as investors considered the latest EIA report and kept an eye on protests in Libya and escalating tensions in the Middle East. Government data showed a larger-than-expected weekly crude inventory draw, but also indicated a decrease in demand with a 2.356 million barrel decline in total product supplied to refineries. Additionally, crude stocks at the Cushing, Oklahoma delivery hub rose, while gasoline inventory saw an unexpected build. Wednesday saw oil prices surge over 3% due to output disruptions in Libya as protesters halted production from the Sharara and El-Feel fields, which jointly contribute around 365,000 barrels per day. Iran faced tragedy with two explosions at a ceremony honoring the late commander Qassem Soleimani, resulting in nearly 100 fatalities and numerous injuries. OPEC+ expressed its commitment to ensuring market stability in a statement on its website.
