WTI stays positive near $45.90 during the initial hours of Thursday’s Asian session. In doing so, the energy benchmark extends the latest recovery moves from $45.51 amid fears of geopolitical tension between the US and Iran.
The black gold earlier witnessed pullback from the fresh high since early March, flashed during the previous day, as the US rig count numbers came in price negative. It should, however, be noted that the US dollar weakness joined a surprise draw in the official inventory data to please the oil bulls with a fresh high in nearly nine months, before stepping back from $46.30.
As per the updates from Reuters, the US recently blacklisted four companies from Russia and China while accusing them of promoting Iran's missile program. The news combats the latest Baker Hughes US Oil Rig Count that grew past-231 to 241. Earlier on Wednesday, the official Crude Oil Stocks Change figures, published by the Energy Information Administration (EIA), suggest a surprise draw of 0.754 million barrels versus 0.127 million barrels of expected additional into the inventories.


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