WTI crude prices settled above $73 a barrel on Thursday, paring earlier losses as investors weighed a sharp rise in U.S. fuel inventories against concerns about tighter supplies.
The latest EIA report showed a nearly 1 million-barrel drop in U.S. crude inventories last week, the seventh straight decline, but also a significant increase of 6.3 million barrels in gasoline and 6.1 million in distillates.
Meanwhile, OPEC production fell in December after two months of growth, as UAE field maintenance offset gains, including an increase in Nigerian output.
Russian oil production also fell below OPEC+ targets, with exports hitting their lowest since August 2023. In the U.S., anticipated cold weather is expected to boost demand for heating fuel.
In contrast, data from China showed consumer inflation hovering near zero, highlighting weak domestic demand and raising fears of deflation in key consumers.
Source: Trading Economics
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