Crude Futures Steady in Quiet Pre-Holiday Trade
Crude futures are little changed ahead of the U.S. Thanksgiving Day holiday, with the Israel-Hezbollah ceasefire taking some risk premium out of the trade.
U.S. inventory data were mixed, with a bigger-than-expected decline in crude oil stocks--the first draw in four weeks--offset by builds in gasoline and diesel stocks. A bullish aspect in the crude data was the drawdown at Cushing, the Nymex delivery hub, Ritterbusch says in a note. "With Cushing approaching a low level historically, some support would be expected into the WTI curve."
WTI slips 0.1% to $68.72 a barrel and Brent settles at $72.83 a barrel, up 2 cents.
Source: Marketwatch