• WTI price gains ground to near $59.50 in Thursday’s Asian session. 
• EIA reported a surprise crude oil inventory decline. 
• The US is renewing its efforts to end the Russia-Ukraine war.  

West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $59.50 during the Asian trading hours on Thursday. The WTI edges higher amid a larger-than-expected draw from US crude stockpiles last week on higher refinery runs and exports.

Data released by the Energy Information Administration (EIA) on Wednesday showed that crude oil stockpiles in the US for the week ending November 14 declined by 3.426 million barrels compared to a rise of 6.413 million barrels in the previous week. This figure came in below the market consensus of -1.9  million barrels. US crude oil inventories are about 5% below the five-year average for this time of year. 

Nonetheless, a renewed push to end the Russia-Ukraine war might cap the upside for the WTI price. US President Donald Trump's administration has signaled to Ukrainian President Volodymyr Zelenskiy that his side must accept a US drafted framework to end the war with Russia, which proposes Kyiv giving up territory and some weapons, per Reuters. An end to the war in Ukraine might open the door for higher Russian oil flows, adding to oversupply fears.

Meanwhile, investors have trimmed expectations of a Federal Reserve (Fed) rate cut in the December meeting due to the uncertainty. Markets are now pricing in less than a 30% probability of a 25 basis points (bps) rate cut next month, down from more than 60% earlier this month, according to the CME FedWatch tool. Higher for longer interest rates generally lift the US Dollar (USD) and weigh on the WTI price, as it makes USD-denominated commodities more expensive for foreign buyers.