WTI Rises To Near $75.00 As US Crude Inventories Fell On Higher Demand

By Lallalit Srijandorn of FXStreet

Forex News Editor • Jun 26, 2025 at 11:45 PM EDT

West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $65.00 during the Asian trading hours on Thursday.

Pump Jack, Oilfield, Oil, Fuel, Industry, Petroleum

Image Source: Pixabay

WTI price drifts higher to near $65.00 in Friday’s Asian session
Crude inventories in the United States fell last week, noted EIA
Reduced Middle East supply risk might cap the upside for the WTI

West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $65.00 during the Asian trading hours on Thursday. The WTI price edges higher as crude Oil Inventories fell more than expected. However, easing tensions in the Middle East might cap the upside for the WTI price.

Crude stocks in the US declined on stronger demand as the summer driving season started up. The US Energy Information Administration (EIA) weekly report showed crude oil stockpiles in the US for the week ending June 20 declined by 5.836 million barrels, compared to a fall of 11.473 million barrels in the previous week. The market consensus estimated that stocks would decrease by 600,000 barrels.

Additionally, the weakening of the Greenback provides some support to the USD-denominated commodity price as it makes oil less expensive for holders of other currencies. US President Donald Trump was considering selecting the next Federal Reserve (Fed) Chair early fuelled fresh bets on US rate cuts.

Israel-Iran ceasefire eases geopolitical tensions in the Middle East as investors expect a truce between both countries will reduce the risk of oil supply disruptions in the region. This, in turn, could undermine the price of black gold in the near term. “With the announcement of a ceasefire, President Trump called time on the twelve-day Israel-Iran war after successfully executing an escalate to de-escalate strategy,” said Helima Croft, head of global commodity strategy at RBC Capital Markets.

More By This Author:

USD/CAD Posts Modest Losses Below 1.3650 Ahead Of U.S. PCE, Canadian GDP Releases
WTI Extends The Decline Below $64.50 On Reduced Middle East Supply Risk
Gold Price Forecast: XAU/USD Drifts Lower Below $3,350 Amid De-Escalation In The Middle East

Disclaimer:

This publication has been prepared by the Economic and Financial Analysis Division of ING Bank N.V. (“ING”) solely for information purposes without regard to any particular user's investment objectives, financial situation, or means. ING forms part of ING Group (being for this purpose ING Group NV and its subsidiary and affiliated companies). The information in the publication is not an investment recommendation and it is not investment, legal or tax advice or an offer or solicitation to purchase or sell any financial instrument. Reasonable care has been taken to ensure that this publication is not untrue or misleading when published, but ING does not represent that it is accurate or complete. ING does not accept any liability for any direct, indirect or consequential loss arising from any use of this publication. Unless otherwise stated, any views, forecasts, or estimates are solely those of the author(s), as of the date of the publication and are subject to change without notice.

The distribution of this publication may be restricted by law or regulation in different jurisdictions and persons into whose possession this publication comes should inform themselves about, and observe, such restrictions.

Copyright and database rights protection exists in this report and it may not be reproduced, distributed or published by any person for any purpose without the prior express consent of ING. All rights are reserved. ING Bank N.V. is authorised by the Dutch Central Bank and supervised by the European Central Bank (ECB), the Dutch Central Bank (DNB) and the Dutch Authority for the Financial Markets (AFM). ING Bank N.V. is incorporated in the Netherlands (Trade Register no. 33031431 Amsterdam). In the United Kingdom this information is approved and/or communicated by ING Bank N.V., London Branch. ING Bank N.V., London Branch is deemed authorised by the Prudential Regulation Authority and is subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority. The nature and extent of consumer protections may differ from those for firms based in the UK. Details of the Temporary Permissions Regime, which allows EEA-based firms to operate in the UK for a limited period while seeking full authorisation, are available on the Financial Conduct Authority’s website.. ING Bank N.V., London branch is registered in England (Registration number BR000341) at 8-10 Moorgate, London EC2 6DA. For US Investors: Any person wishing to discuss this report or effect transactions in any security discussed herein should contact ING Financial Markets LLC, which is a member of the NYSE, FINRA and SIPC and part of ING, and which has accepted responsibility for the distribution of this report in the United States under applicable requirements.

STOCKS IN THIS ARTICLE

Comments

Back to all articles