Oil Prices Steady Near $80 Despite Tighter Supply Concerns
Oil prices were little changed near $80 a barrel, as the impact of U.S. sanctions on Russian flows continued to reverberate and the International Energy Agency eased its gloomy outlook for this year.
The global oil market is facing a smaller surplus this year than previously thought, the IEA said, with inventories set to grow by 725,000 barrels a day in 2025. The agency also slightly raised its estimate for global consumption.
Elsewhere, the American Petroleum Institute said crude inventories fell by 2.6 million barrels last week, according to a document seen by Bloomberg. That would be the eighth drawdown, if confirmed by official data.
Source: Bloomberg