• WTI holds breadth above $80.00 with US core PCE inflation in focus.
• Unexpected Oil buildup in the US intensified demand concerns.
• Israel prepares for massive damage in Lebanon if Hezbollah launches war.

West Texas Intermediate (WTI), futures on NYMEX, remain steady above the psychological support of $80.00 in Thursday’s European session. The upside in the Oil price has been restricted by growing demand concerns as the United States (US) Energy Information Administration (EIA) unexpectedly reported a significant buildup of inventories for the week ending June 21. While the downside remains favored amid caution that Middle East tensions would expand from Gaza to Lebanon.

On Wednesday, the US EIA reported Oil stockpiles at 3.59 million barrels. Economists expected a drawdown at a faster pace by 3.0 million barrels from the former release of 2.55 million barrels. This has raised concerns over the Oil consumption in worlds’ largest nation. Investors worry that maintenance of a restrictive interest rate framework by the Federal Reserve (Fed) from a longer period has deepened household crisis, which has resulted in poor demand prospects.