WTIUSD

Today, the most critical data for WTI crude oil prices will be the Crude Oil Inventories to be released by the U.S. Energy Information Administration (EIA). The expectation is for a much smaller increase (0.300M) compared to the previous week. If the reported inventories show an increase in line with or less than expectations, it could indicate strong oil demand or tightening supply, putting upward pressure on prices. However, if the Philadelphia Fed Manufacturing Index, also to be released today, falls below expectations, it could indirectly exert downward pressure on prices by raising concerns about global economic growth and, consequently, oil demand. The direction of these two data points will determine today's session for oil prices.