Key Points:
WTI crude futures stabilised at $69.11 per barrel on Thursday, as shown in the chart, reflecting a modest 0.09% upward trend.
Picture: Crude oil steadies near $69 as traders weigh OPEC+ supply moves and U.S. inventory data, as seen on the VT Markets app.
Prices fluctuated from $68.95 to $69.16, with an intraday resistance peak at $69.94. The market remains range-bound, supported by geopolitical risks while being weighed down by U.S. inventory data.
Black Sea Tensions Provide Support
The escalating Russia-Ukraine war continues to underpin crude prices, as Western-supplied weapons heighten conflict risks. Moscow has labelled the use of advanced missiles a major escalation, with fears of supply disruptions bolstering market sentiment.
U.S. Inventory Data Weighs on Prices
According to the Energy Information Administration (EIA), U.S. crude stocks rose by 545,000 barrels last week, exceeding forecasts of a 138,000-barrel increase. Gasoline inventories climbed more than expected, while distillate stocks saw larger-than-anticipated declines, offering mixed signals for demand trends.
Oil prices are likely to remain range-bound in the near term, with traders closely monitoring geopolitical developments and the upcoming OPEC+ meeting on December 1.
A decisive breakout above $70 could signal renewed bullish momentum, while a drop below $68.95 may indicate increased downside risks.
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