Oil maintained gains after U.S. crude inventories fell by the most since mid-June, leaving inventories well below seasonal averages.
Brent crude traded around $67 per barrel after rising 1.6% on Wednesday, while West Texas Intermediate (WTI) hovered near $63. National inventories fell by 6 million barrels last week, according to Energy Information Administration (EIA) data. Gasoline stocks also fell for the fifth straight week.
However, oil prices are still down more than 10% year-to-date due to concerns about the impact of U.S. trade policies and as OPEC+ restores previously halted production, raising expectations of oversupply after the end of peak summer demand. Traders are also monitoring progress toward a ceasefire in the war in Ukraine.
Source: Newsmaker.id
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