Oil was steady in the first session of the new year after an industry report indicated shrinking US crude stockpiles.
West Texas Intermediate traded near $72 a barrel, while Brent closed below $75 on Tuesday. Nationwide inventories dropped by 1.4 million barrels last week, the American Petroleum Institute reported, according to a document seen by Bloomberg. If confirmed by government figures later Thursday, it would be a sixth straight weekly draw.
Oil has been stuck in a narrow range since mid-October, with WTI ending 2024 little changed and Brent posting a modest decline. Investors are bracing for an oversupplied market in 2025, and the unpredictability of a second presidential term by Donald Trump. China's economic recovery also remains uncertain.
WTI for February delivery rose 0.3% to $71.93 a barrel at 7:27 a.m. in Singapore.
Brent for March settlement closed 0.9% higher at $74.64 a barrel on Tuesday.
Futures didn't trade on Wednesday due to the New Year holiday.
Source : Bloomberg
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