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Oil was steady as an industry report signaled a build in US crude inventories ahead of government figures.
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Bloomberg News
Bloomberg News
Published Nov 20, 2024 • 1 minute read
(Bloomberg) — Oil was steady as an industry report signaled a build in US crude inventories ahead of government figures.
Brent traded near $73 a barrel after closing slightly higher on Tuesday, and West Texas Intermediate was above $69. The American Petroleum Institute reported crude stockpiles expanded by 4.8 million barrels last week while fuel supplies fell, according to a document seen by Bloomberg.
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The Energy Information Administration is scheduled to release its data on inventories, refining and fuel demand later on Wednesday.
Oil has swung between gains and losses since mid-October, influenced by a range of factors including concerns around China’s demand outlook, plentiful global supply, Middle East hostilities and a strong dollar. Still, implied volatility for Brent has trended lower since the middle of last month.
“The crude oil market lacks a strong catalyst at the moment,” said Gao Jian, an analyst at Qisheng Futures Co. The market is assessing the supply outlook and geopolitical developments for a “trend-setting trade direction,” he said.
The US has stepped up efforts to reach a cease-fire between Lebanese militant group Hezbollah and Israel before Joe Biden’s term ends as president, and Iran has agreed to stop producing uranium enriched near bomb-grade.
Russia’s war on Ukraine is escalating after months of attrition, but Reuters reported the Kremlin is open to talks on a cease-fire deal with President-elect Donald Trump, and ruled out major territorial concessions. Reuters cited five unidentified, current and former Russian officials.
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