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West Texas Intermediate (WTI) Oil price extends its gains for the third successive session, trading around $68.80 per barrel during Asian hours on Wednesday. Crude Oil prices gained ground as the demand outlook improved following the Politburo’s announcement that China to adopt a “moderately loose” monetary policy and a “more proactive” approach to fiscal stimulus next year. This would mark a departure from the more cautious tone of the past decade. potentially boosting energy demand from the world’s largest crude importer.Additionally, China’s crude Oil imports increased in November for the first time in seven months, rising over 14% year-on-year. On the supply side, the American Petroleum Institute (API) weekly report showed that US crude Oil stockpiles rose by 0.499 million barrels for the week ending December 6, compared to a 1.232 million-barrel increase in the previous week. Market expectations had anticipated a decrease of 1.30 million barrels.Moreover, escalating geopolitical tensions in the Middle East could lend support to WTI prices. Over the weekend, turbulence intensified as Syrian President Bashar al-Assad and his family fled to Moscow, where they were granted political asylum, marking the end of a 50-year dictatorship.Meanwhile, investors are closely monitoring key US inflation data, which could shape the Federal Reserve’s interest rate outlook. The US CPI inflation is estimated to rise to 2.7% YoY in November from 2.6% in October. Meanwhile, the core CPI, excluding Food & Energy, is expected to remain consistent at a 3.3% increase YoY. Traders are now pricing in nearly an 85.8% chance of Fed rate reductions by 25 basis points, according to the CME FedWatch Tool.Traders are expected to closely monitor the upcoming OPEC Monthly Oil Market Report (MOMR), which addresses key issues impacting the global Oil market and offers a forecast for crude Oil market trends in the year ahead.More By This Author:GBP/USD Maintains Position Around 1.2750 Amid Market Caution As Key Economic Figures Loom Silver Price Forecast: XAG/USD Rises To Near $32.00 Within An Ascending Channel NZD/USD Hovers Around 0.5900, Downside Risk Appears Due To Market Caution