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Crude Oil Prices Rose Above 77 $ ,After US Crude Inventories Slumps

Market News : After rising for two consecutive sessions, WTI crude oil prices held above $77 a barrel on Wednesday, supported by industry data showing that US crude inventories decreased by 2.18 million barrels last week.

Defying the  predictions of a 2.15 million barrel increase, while After Federal Reserve Chair Jerome Powell appeared less hawkish than the markets had anticipated, risk assets also received support.

Although he maintained that disinflation had begun, he stated that additional rate increases would probably be required if the employment market remained robust.

In the meantime, supply concerns were stoked by the unexpected shutdown of a major oil field in Norway and the suspension of operations at a key oil terminal in Turkey.

As a result of the recent earthquake, both of which pushed up the US benchmark oil price by more than 5% in the previous two sessions.

While evaluating the effects of a Sunday-enacted European ban on seaborne imports and price caps for Russian oil products, investors also maintained their optimism regarding the recovery of Chinese demand.