Oil steady after decline amid supply outlook, Middle East situation
Oil was steady, after falling on Wednesday, as traders assessed tensions in the Middle East and the outlook for market balance heading into 2025.
West Texas Intermediate edged above $71 a barrel after dropping more than 1% on Wednesday, while Brent settled near $75. The midweek declines came after data showed U.S. crude inventories rose by more than 5 million barrels last week.
In the Middle East, U.S. Secretary of State Antony Blinken held talks with Saudi Crown Prince Mohammed bin Salman in Riyadh on Wednesday about efforts to reach a ceasefire in Gaza and Lebanon. He had earlier traveled to Israel, which has vowed to retaliate against Tehran for a missile attack earlier this month.
Source: Bloomberg