Oil steadied after a modest advance with tensions in the Middle East and US inventories in focus.
Brent crude traded near $67 a barrel after rising 0.6% on Tuesday, with West Texas Intermediate above $65. Iran is said to be cutting off communication with key United Nations watchdog officials, deepening uncertainty over its nuclear program and adding ambiguity to its diplomatic showdown with Washington. Meanwhile, US President Donald Trump said Israel had agreed to the conditions needed for a 60-day ceasefire in Gaza.
"Warfare is non-linear and any small action could prove a flash point eventually," said June Goh, senior oil market analyst with Sparta Commodities in Singapore. "The Iran-Israel ceasefire may not last long and the market will be quick to react again following a return to conflict."
In the US, the American Petroleum Institute reported a 1.4 million barrel drop for last week at the Cushing oil storage hub — the pricing point for WTI — even as nationwide stockpiles increased slightly, according to people familiar with the data. The decline at Cushing would be the biggest since January if confirmed by official data due later Wednesday and would bring stockpiles at the hub to their lowest seasonal level since 2005.
Trading activity in crude futures has declined since the latest hostilities between Israel and Iran, with volatility returning to levels seen before the war. Concerns are likely to return to a glut forecast for later this year, with an OPEC+ meeting this weekend expected to deliver another substantial increase in production quotas.
Source: Bloomberg
Crude prices recovered from a midday dip on Friday on hopes Hungary can use Russian crude oil as U.S. President Donald Trump met Hungary's Prime Minister Viktor Orban at the White House. Brent crude ...
Oil prices rose on Friday (November 7th), but remained on track for a second straight weekly loss after three days of declines on oversupply concerns and slowing US demand. Brent crude rose 60 cents,...
Oil prices edged higher but remained on track for a second weekly decline. West Texas Intermediate (WTI) briefly approached $60 per barrel, while Brent held steady around $63 on Thursday. However, bot...
Oil prices declined on Thursday as investors considered a potential supply glut, as well as weakened demand in the United States, the world's largest oil consumer. Brent crude futures settled down 14...
Oil prices edged higher on Thursday (November 6), boosted by easing concerns over a potential oversupply as sanctions against Russian companies began to take effect. After closing at a two-week low i...
Crude prices recovered from a midday dip on Friday on hopes Hungary can use Russian crude oil as U.S. President Donald Trump met Hungary's Prime Minister Viktor Orban at the White House. Brent crude futures settled at $63.63 a barrel, up 25 cents...
US stocks rebounded from early losses to close mostly higher on Friday amid hopes that Congress members were making progress toward ending the government shutdown. The S&P 500 and the Dow Jones closed 0.3% higher, while the tech-heavy Nasdaq...
European stocks fell on Friday as investors digested more quarterly earnings, but weekly losses were inevitable, with concerns regarding overheated valuations evident. The DAX index in Germany dropped 0.8% and the CAC 40 in France declined 0.2%,...
The U.S. Supreme Court's tough questioning of President Donald Trump's global tariffs has fueled growing speculation that they will be overturned,...
European stocks opened lower on Thursday, as investors reacted to another flurry of corporate earnings.
The pan-European Stoxx 600 was 0.3% lower...
Chicago Federal Reserve President Austan Goolsbee on Thursday said the lack of official data on inflation during the government shutdown...
Asian stocks slipped at the open on Friday (November 7), following a choppy session on Wall Street. The MSCI Asia Pacific Index fell about 0.2%, led...