WTI remains below $69.00, upside potential appears due to US Oil demand

• WTI prices could rise amid optimism regarding US Oil demand following an unexpected decrease in crude inventories.
• EIA Crude Oil Stocks Change fell by 0.515 million barrels in the previous week, against the expected 2.3 million-barrel increase.
• Crude Oil prices may appreciate due to increased expectations of OPEC+ delaying a planned production increase.

West Texas Intermediate (WTI) Oil price dips slightly to around $68.70 during Thursday's Asian trading hours. However, crude prices found support amid optimism surrounding US fuel demand after an unexpected decline in crude inventories.

The US Energy Information Administration (EIA) reported that crude Oil stockpiles fell by 0.515 million barrels in the week ending October 25, contrary to market expectations of a 2.3 million-barrel increase.

Additionally, crude Oil prices may gain further support amid expectations that OPEC+, which includes the Organization of the Petroleum Exporting Countries and allies like Russia, might delay a planned production increase.

Reuters reported that OPEC+ could postpone its December output hike by at least a month due to concerns about weak Oil demand and rising supply. The group had scheduled an increase of 180,000 barrels per day (bpd) for December but previously postponed this from October due to declining prices.

Meanwhile, markets are closely monitoring ongoing geopolitical tensions in the Middle East, particularly following a warning from Israel's military chief of a 'very hard' strike on Iran if further missile attacks occur.

Lebanese Prime Minister Najib Mikati told Lebanese broadcaster Al-Jadeed on Wednesday that US envoy Amos Hochstein suggested a potential ceasefire in the Israel-Hezbollah conflict could be reached before the US elections on November 5. Hochstein traveled to Israel to discuss ceasefire terms with Hezbollah, as confirmed by US State Department spokesperson Matthew Miller.