WTI Drops as US Stock Draw Fails to Materialize

West Texas Intermediate (WTI) crude futures continued to slide on Thursday, trading near $96.60 per barrel in Asian hours, marking a second straight session of declines.

Saudi Arabia's plans to partially restore its East-West pipeline have eased supply fears, with the country aiming to return it to full capacity within six weeks.

However, additional pressure on WTI prices came from the latest U.S. Energy Information Administration (EIA) data, which showed a smaller-than-expected drawdown in domestic crude stocks.

The EIA reported a decline of about 640,000 barrels over the prior week, well below the 1.62 million-barrel decrease expected by energy analysts.