Middle East Tensions Fuel Oil Price Rebound Amid US Inventory Decline

Oil prices have seen a rebound in recent days due to escalating tensions in the Middle East and a sharp drop in U.S. inventories, according to Moomoo.

The West Texas Intermediate (WTI) crude oil price is currently trading around $83.80 after edging lower during Thursday's Asian trading session.

Investors opted to take profits following a period of consecutive gains, prompting a short-term price correction, but downside risks remain limited amid heightened global supply concerns and a notable decline in U.S. crude inventories.

The Federal Reserve's monetary policy has also been a key focus for the market, with the central bank maintaining its target range for the federal funds rate at 3.50%, 3.75%, as expected.