Oil extended a gain as the US cut its forecast for an oversupply, following similar moves by other market watchers including the International Energy Agency.
West Texas Intermediate rose toward $67 a barrel after a modest gain on Tuesday, with Brent crude closing below $70.
The Energy Information Administration slashed its prediction for a global surplus for this year and halved its outlook for a glut in 2026, citing the prospect of diminished flows from Iran and Venezuela.
Elsewhere, the industry-funded American Petroleum Institute reported that US nationwide commercial inventories rose 4.2 million barrels last week, although a big draw was seen at the oil storage hub in Cushing, Oklahoma.
That would be the first reduction at the delivery point for WTI in five weeks if confirmed by official data on Wednesday.
Oil recouped early losses on Tuesday even as fresh trade salvos from US President Donald Trump threatened to prolong a plunge in risk assets.
Futures have plunged from a high in mid-January on the chaotic rollout of tariffs, OPEC+ plans to add supply and weakening demand in China.
Source: Bloomberg
Oil prices stabilized on Thursday (February 12th), as the market reassigned a risk premium to US-Iran tensions despite US inventory data showing swelling domestic supplies. This movement confirms one ...
Oil prices rose on Wednesday (February 11th), supported by a combination of geopolitical risk premiums from US-Iran tensions and more solid Asian demand signals particularly from India which helped ea...
Oil remained in the green zone on Tuesday (February 10th), as the market refused to abandon the Middle East risk premium. As of 13:07 GMT (20:07 WIB), Brent rose +0.4% to $69.32/barrel, while WTI rose...
Oil prices fell about 1% on Monday as concerns about conflict in the Middle East eased slightly. The market calmed after the US and Iran agreed to resume talks on Tehran's nuclear program, reducing fe...
Oil prices moved slightly higher in a volatile session on Friday, as investors assessed the direction of nuclear negotiations between the United States and Iran. Price movements appeared sensitive to ...
Oil prices stabilized on Thursday (February 12th), as the market reassigned a risk premium to US-Iran tensions despite US inventory data showing swelling domestic supplies. This movement confirms one thing: geopolitical headlines are still more...
Gold prices weakened slightly on Thursday (February 12th), as more solid US employment data reduced market confidence in an imminent Federal Reserve interest rate cut. The strong employment data prompted market participants to shift expectations of...
The Hang Seng Index reversed its downward trend in Hong Kong on Thursday (February 12th), weakening by around 0.9% to around 27,000 after a strong session earlier. This decline halted the momentum of the short term rally, as investors began to...