Brent crude fell below $79 a barrel on Thursday, falling for a fifth straight session after an industry report revealed a fresh build in U.S. crude inventories. API data showed a 1 million-barrel increase in crude inventories last week, the first increase in five weeks of declines. Traders also continued to assess the potential impact on energy markets from President Trump's proposed tariffs on China, the European Union, Canada and Mexico, along with warnings of penalties for Russia if President Putin fails to end the Ukraine war. In other news, Saudi Arabia's crude exports hit an eight-month high in November 2024, rising 4.7% to 6.2 million bpd from 5.9 million bpd in October, while production fell slightly to 8.9 million bpd from 9 million bpd. Elsewhere, some Texas ports began reopening on Wednesday after Winter Storm Enzo disrupted shipping and energy operations earlier this week. (AL)
Source: Trading Economics
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