Oil extended a gain as the US cut its forecast for an oversupply, following similar moves by other market watchers including the International Energy Agency.
West Texas Intermediate rose toward $67 a barrel after a modest gain on Tuesday, with Brent crude closing below $70.
The Energy Information Administration slashed its prediction for a global surplus for this year and halved its outlook for a glut in 2026, citing the prospect of diminished flows from Iran and Venezuela.
Elsewhere, the industry-funded American Petroleum Institute reported that US nationwide commercial inventories rose 4.2 million barrels last week, although a big draw was seen at the oil storage hub in Cushing, Oklahoma.
That would be the first reduction at the delivery point for WTI in five weeks if confirmed by official data on Wednesday.
Oil recouped early losses on Tuesday even as fresh trade salvos from US President Donald Trump threatened to prolong a plunge in risk assets.
Futures have plunged from a high in mid-January on the chaotic rollout of tariffs, OPEC+ plans to add supply and weakening demand in China.
Source: Bloomberg
Oil prices were little changed in Asian trading on Thursday after US President Donald Trump backed down from a threat to impose tariffs on European countries over Greenland. This decision helped ease ...
Oil prices rose on Tuesday, supported by a combination of supply disruptions from Kazakhstan, improved global economic growth projections, and a weakening US dollar, making dollar-denominated oil chea...
Oil traded in a tight range on Thursday after two straight sessions of losses, as markets digested a sharper US push to shape Venezuela's crude flows—alongside fresh tanker seizures tied to sanctions....
Oil prices edged higher as the market digested the United States' latest moves regarding Venezuela. WTI held steady at US$56/barrel after a sharp drop, while Brent remained below US$60/barrel. This s...
Brent crude prices sank in volatile trading on Wednesday after U.S. President Donald Trump said Venezuela will supply tens of millions of barrels of oil to Washington. Oil prices were nursing losses ...
Gold prices briefly caused a stir after hitting a new record, but then slowed. The main trigger: US President Donald Trump withheld the threat of tariffs on Europe and claimed there was a "framework" for a future agreement on Greenland. This calmer...
Oil prices were little changed in Asian trading on Thursday after US President Donald Trump backed down from a threat to impose tariffs on European countries over Greenland. This decision helped ease geopolitical tensions and improve market...
The Nikkei 225 Index climbed 1.73% to close at 53,689, while the broader Topix Index rose 0.74% to 3,616 on Thursday, snapping a five-day losing streak as Japanese shares were lifted by a strong rally in chip and artificial intelligence related...