October WTI Crude Oil futures experienced continued weakness, dropping for the fourth time in six sessions as diplomatic progress in the Russia-Ukraine situation eased supply concerns. Traders are also anticipating the weekly EIA crude oil inventory report, with analysts expecting a significant draw, which would typically be bullish for prices. However, recent economic data suggests a softer demand environment, which could lead to a less bullish report than anticipated. Refinery utilization remains robust, near full capacity.
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