Oil Edges Higher After Two-Day Drop With Middle East in Focus
Oil edged higher after a two-day decline, with traders weighing developments in the Middle East and the prospects for more OPEC+ supply.
Brent rose toward $72 a barrel after tumbling more than 6% over the previous two sessions, while West Texas Intermediate was near $68. While one Israeli minister suggested that the war with Hezbollah could be over by year-end, the country’s military chief vowed to strike Iran “very hard” should the OPEC producer launch another attack.
US crude stockpiles, meanwhile, shrank by 600,000 barrels last week, the industry-funded American Petroleum Institute reported, according to a document seen by Bloomberg. Gasoline and distillate inventories also fell.
Brent for December settlement was 0.7% higher at $71.65 a barrel at 9:50 a.m. in London. WTI for December delivery rose 0.8% to $67.74 a barrel.
Source: Bloomberg