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Indonesia News Portal for Traders | Financial & Business Updates

31 October 2024 18:36  |

Oil prices stable after boost from US fuel demand

Oil prices stabilised on Thursday after rallying the previous day on stronger than expected U.S. fuel demand and reports that producer group OPEC+ could delay a planned output increase.

Traders are now awaiting the outcome of the U.S. presidential election on Nov. 5 and whether ceasefires can be brokered in the Middle East.

The Brent and U.S. West Texas Intermediate (WTI) benchmarks made marginal gains, with Brent rising 7 cents to $72.62 a barrel by 1009 GMT while WTI crude firmed by 17 cents to $68.78

Both contracts rose more than 2% on Wednesday.

U.S. gasoline stockpiles fell more than expected to a two-year low in the week ending Oct. 25, the Energy Information Administration said, while crude inventories registered a surprise drawdown as imports slipped.

Source: Reuters

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