WTI appreciates toward $77.50 ahead of EIA Oil Stocks Change report

• WTI prices halt its losing streak due to a drop in Weekly Crude Oil Stock in the previous week.
• EIA Crude Oil Stocks Change report is anticipated to show a 0.7 million-barrel increase for the week ending July 19.
• Israeli Prime Minister Benjamin Netanyahu will address US Congress, seeking to redirect American attention to the Middle East.

West Texas Intermediate (WTI) Oil price grapples to halt its four-day losing streak, trading around $77.40 per barrel during the European hours on Wednesday. The declining US crude inventories contribute support for the prices of the black Gold.

On Tuesday, the American Petroleum Institute (API) reported a drop of 3.9 million barrels in Weekly Crude Oil Stock for the week ending July 19, exceeding market expectations of a 2.47 million-barrel decrease. This follows a previous decline of 4.44 million barrels. The US Energy Information Administration’s (EIA) Crude Oil Stocks Change report, scheduled for Wednesday, is anticipated to show a 0.7 million-barrel increase for the same period.

However, crude Oil prices faced challenges during the Asian hours probably following a surge of optimism surrounding potential ceasefire negotiations between Israel and Hamas. Israeli Prime Minister Benjamin Netanyahu has hinted at a potential ceasefire agreement that could lead to the release of several hostages in Gaza.

Israeli Prime Minister Netanyahu is currently in Washington to address Congress. On Friday, Netanyahu will meet Republican presidential nominee Donald Trump at Trump's resort Mar-a-Lago, signaling an effort to improve ties between the two men, according to Reuters. US Vice President Kamala Harris will also meet with Netanyahu at the White House this week. However, Harris though will not preside over a joint session of Congress.

An aide of Harris told PTI, "We anticipate the Vice President will convey her view that it is time for the war to end in a way where Israel is secure, all hostages are released, the suffering of Palestinian civilians in Gaza ends, and the Palestinian people can enjoy their right to dignity, freedom, and self-determination. They will discuss efforts to reach an agreement on the ceasefire deal."

The rising odds of a Federal Reserve (Fed) rate cut in September put pressure on the US Dollar. A weaker Greenback could make Oil cheaper for buyers using other currencies, potentially contributing to demand for the commodity. Additionally, lower interest rates could stimulate economic activity in the United States, the world's largest Oil consumer, which may help support Oil prices.

Investors are expected to closely monitor the US Purchasing Managers Index (PMI) data, set to be released later in the North American session. Additionally, attention will be on the Gross Domestic Product (GDP) Annualized (Q2) figures, which will be released on Thursday. These reports are anticipated to offer fresh insights into the economic conditions in the United States.