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WTI crude oil prices surged to $82.80 per barrel yesterday, buoyed by the third consecutive week of inventory declines and increasing optimism about an earlier Fed pivot. Over the past three weeks, US crude oil inventories have dropped by more than 20 million barrels, as reported by the EIA Weekly Petroleum Status Report. Additionally, Bloomberg reported that OPEC+ delegates anticipate the group's upcoming monitoring session next month to be routine, with no changes expected to plans for increasing supply starting in the fourth quarter. Today, WTI crude oil edged lower to $82.02 per barrel as concerns over the lack of significant measures to boost domestic consumption in China's Third Plenum dampened the demand outlook amid expectations of easing OPEC+ supply curbs later this year. The uncertainty surrounding initiatives aimed at addressing structural issues in China's economy during the recent key political meeting could further weigh on demand, following an 11% decline in oil imports in June

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