WTI Price Retreats as US Stock Builds and OPEC+ Production Increases

WTI crude oil prices retreated towards $77 on Thursday as US stock builds and OPEC+ production increases tempered Middle East risk. The recent rebound in oil prices has stalled, with WTI trading near $77.05 a barrel, unable to hold above the $78.50-$79.00 level.

The latest US inventory data showed commercial crude inventories rising by 2.5 million barrels, reversing part of the previous week's draw. Higher crude imports and lower refinery inputs contributed to the increase in stockpiles.

The Middle East remains a dominant upside risk for oil prices, with Hormuz negotiations keeping geopolitical premiums volatile. Any agreement that normalizes Hormuz traffic could rapidly remove part of WTI's premium.