Oil Steadies as Report Points to Falling US Crude Stockpiles
Oil was steady in the first session of the new year after an industry report indicated shrinking US crude stockpiles.
West Texas Intermediate traded near $72 a barrel, while Brent closed below $75 on Tuesday. Nationwide inventories dropped by 1.4 million barrels last week, the American Petroleum Institute reported, according to a document seen by Bloomberg. If confirmed by government figures later Thursday, it would be a sixth straight weekly draw.
Oil has been stuck in a narrow range since mid-October, with WTI ending 2024 little changed and Brent posting a modest decline. Investors are bracing for an oversupplied market in 2025, and the unpredictability of a second presidential term by Donald Trump. China’s economic recovery also remains uncertain.
WTI for February delivery rose 0.3% to $71.93 a barrel at 7:27 a.m. in Singapore.
Brent for March settlement closed 0.9% higher at $74.64 a barrel on Tuesday.
Futures didn’t trade on Wednesday due to the New Year holiday.
Source : Bloomberg