WTI Crude Oil Surges Above $65.75 on US Trade Optimism and Crude Stock Draw

WTI Crude Oil Price Surges as Trade Hopes and Stock Decline Boost Sentiment

West Texas Intermediate (WTI) crude oil, the US oil benchmark, surged to $65.75 during Thursday’s early European session, buoyed by growing optimism surrounding global trade and a sharper-than-expected decline in US crude inventories.

Trade Optimism Lifts Energy Markets

Market sentiment turned bullish following US President Donald Trump's announcement of a “massive” trade deal with Japan, featuring reciprocal 15% tariffs—well below the initially threatened 25%. The move eases fears of a global trade slowdown, supporting oil demand expectations.

Hopes also rise as reports signal progress in US-EU trade negotiations, fueling a broader risk-on sentiment that underpins commodities like oil.

EIA Confirms Crude Stock Draw

The US Energy Information Administration (EIA) reported a 3.169 million barrel draw in US crude oil inventories for the week ending July 18, surpassing market expectations of a 1.4 million barrel drop. Although slightly less than the previous week’s 3.859 million barrel draw, the data reinforces signals of tightening supply and strengthens WTI’s bullish momentum.

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