Crude Oil eases back from risk-on bump, but US inventory declines limit losses. WTI remains hampered by $83.00 per barrel technical level. API, EIA both report inventory declines. West Texas Intermediate US Crude Oil slipped back slightly on Wednesday, stumbling away from $83.50 per barrel to trade down to $82.50 as broad-market risk appetite from Tuesday evaporates in the mid-week market session.
Volatility is on the rise and investors are turning to Thursday’s upcoming US Gross Domestic Product print. Markets desperate for any signs of a US Federal Reserve rate cut over the horizon are hoping that the US’ quarterly GDP results for Q1 will ease back to at least 2.5% compared to the previous print of 3.4%. This week will wrap up with another print of the US Personal Consumption Expenditure Price Index inflation metric. Core US PCE MoM in March is expected to hold steady at 0.