WTI crude oil futures dipped 0.4% to close at $70.9 per barrel, snapping a two-day winning streak despite the Federal Reserve's first interest rate cut since 2020.
Persistent concerns about demand, particularly from China, linger following weak economic data that heightened fears of a sluggish recovery. Additionally, traders are closely monitoring escalating geopolitical tensions in the Middle East and the risk of potential supply disruptions.
Meanwhile, EIA data showed a sharper-than-expected drop in US crude inventories, down by 1.63 million barrels to 417.5 million, well above the projected 500,000-barrel draw.