December Brent rose 0.8% to $65.96, and November WTI rose 0.9% to $62.27. The API reported a -1.8 million barrel drop in product inventories at Cushing, while national crude inventories are expected to rise but remain near seasonal lows—enough to provide a price floor.
In terms of global supply, OPEC+ continues to increase production, and US production is reaching a record; Ukrainian drone attacks on Russian infrastructure are boosting crude oil exports. The risk of oversupply remains, but the market is awaiting evidence of increasing inventories; as long as stocks are limited, the price bias is bullish.
Brent oil price at the time of writing was $65.97.
Disclaimer:
This article is analytical in nature and is not a definitive reference. Consider fundamental and technical developments in trading before making investment decisions.
Source: Newsmaker.id
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