WTI Holds Steady After U.S. Crude Stocks Fall 3.06 Million Barrels

West Texas Intermediate (WTI) crude moved little after U.S. crude inventories posted a third consecutive weekly decline, as traders weighed recovering Middle East exports against threats to shipping.

U.S. crude inventories fell by 3.06 million barrels. Distillate stocks increased 1.68 million barrels but remained at a record low for this time of year. Gasoline stocks fell 2.95 million barrels, while inventories at Cushing, Oklahoma, rose 987,000 barrels.

An earlier estimate put crude’s weekly decline at 4.93 million barrels, above the 3.06 million-barrel decrease. WTI traded around $98 before the government data and changed little after its release.

Shipping risks remained in focus alongside the recovery in Middle East oil exports. Iran’s IRGC said Tuesday that two tankers caught fire after hitting mines south of the Strait of Hormuz. Arne Lohmann Rasmussen, chief analyst at A/S Global Risk Management, said freight and insurance costs remained high as vessels faced attack risks. “High exports do not necessarily mean lower risks,” Rasmussen said.