Oil rose after US data showed a drop for national gasoline inventories, but gains were capped by the International Energy Agency's forecast of a large crude glut next year.
West Texas Intermediate climbed near $69 a barrel. A US government report showed that gasoline stockpiles slid to the lowest in two years. Data also showed that inventories at the key Cushing, Okla., storage hub fell by the most in about two months, though the nation's total crude inventories posted a build.
The IEA on Thursday warned that the oil market faces a surplus of more than 1 million barrels a day next year, which could swell further if OPEC+ decides to press ahead with supply hikes.
Crude has alternated between weekly gains and losses since mid-October, with traders weighing OPEC+ supply moves, US monetary policy, and the risks to oil-demand growth, especially in China. Oil consumption in the world's largest importer will grow this year at just 10% of the rate seen in 2023, according to the EIA report.
The Middle East was also in focus. Israel was rushing to prepare a cease-fire deal in Lebanon as the government adjusted to the prospect of Trump's White House return, according to a Washington Post report.
WTI for December delivery rose 0.760% at $68.95 a barrel at 11:04 a.m. in New York. Brent for January settlement was up 0.733% at $72.81 a barrel.
Source : Bloomberg
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