Oil Climbs in Year’s First Session as US Crude Stockpiles Drop
Oil began 2025 by rising to the highest since October, buoyed by bullish technical indicators and shrinking crude stockpiles in the US.
West Texas Intermediate advanced more than 2% to top $73 a barrel, and Brent climbed above $76. Government data released Thursday showed US crude inventories fell 1.18 million barrels last week, the sixth straight drawdown. Futures edged down from their highs for the day as the stockpile drop was slightly smaller than projected by an industry group and gasoline inventories rose.
The price gain was also aided by technical indicators
WTI posted the smallest annual price move in almost two decades last year, and investors are bracing for an oversupply this year, making it harder for OPEC+ to revive idled production. Still, the unpredictability of a second presidential term by Donald Trump is clouding the outlook.
China’s economic recovery remains uncertain, with recent data showing factory activity slowed its pace of expansion in December. The rapid adoption of electric vehicles and renewable fuels also is chipping away at gasoline demand.
WTI for February delivery advanced 2.3% to $73.34 a barrel at 11:09 a.m. in New York. Brent for March settlement rose 2% to $76.16 a barrel.
Sumber : Bloomberg
