WTI inches higher to near $70.50 following drop in US Oil stocks

• WTI gained ground due to an unexpected drop in US Oil inventories.
• US Crude Oil Stock declined by 2.192 million barrels in the previous week, against the expected 2.3-million-barrel increase.
• Israel’s military and the Shin Bet security service confirmed the killing of the militant leader Yahya Sinwar on Wednesday.

West Texas Intermediate (WTI) Oil price extends its gains for the second consecutive day, trading around $70.40 per barrel during Asian hours on Friday. The rise in crude Oil prices was supported by an unexpected drop in US Oil inventories.

According to the Energy Information Administration (EIA), US Crude Oil Stock fell by 2.192 million barrels in the week ending October 11, defying market expectations of a 2.3 million barrel increase and contrasting with the previous week’s 5.81 million barrel rise.