Oil prices saw a slight increase during early European trading, boosted by unexpected reports of a decline in U.S. crude stockpiles. However, lower geopolitical risks and weak market fundamentals are impacting overall sentiment.
Brent crude rose 0.8% to $71.27 per barrel, while West Texas Intermediate (WTI) gained 0.9%, reaching $67.83 per barrel.
According to reports from the American Petroleum Institute, U.S. crude inventories dropped by 0.57 million barrels last week. This decline suggests stronger demand from the world’s largest oil consumer.
Despite this positive news, crude benchmarks remain near one-month lows. Easing fears of supply disruptions in the Middle East, combined with concerns over weak demand and a potential supply surplus next year, are causing caution in the market.
Related Topics:
- Macroeconomic Issues Limit Crude Oil Prices
- Nigeria Talks Crude and Fuel Supply with Africa’s Leading Refinery
- With Oil Job Losses Increasing, Steelworkers Union Turns to Clean Energy