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International crude oil benchmarks ended Wednesday, November 27, 2024, with minimal movement as markets weighed the implications of unexpectedly higher US stockpiles, subdued demand signals, easing geopolitical tensions in the Middle East, and uncertainty surrounding US monetary policy.

Brent futures settled at $72.83/barrel, a 2 cents increase day-on-day.

WTI slipped $0.05 and closed at  $68.72/barrel.

The Energy Information Administration (EIA) reported a surprising 3.3-million-barrel gasoline inventory build last week, defying expectations of a 605,000-barrel draw and signalling weaker demand. Additionally, a ceasefire between Israel and Hezbollah eased fears of Middle East supply disruptions.

Additionally, inflation data stoked speculation that the Federal Reserve may slow rate cuts in 2025, potentially curbing demand through higher borrowing costs.

Providing modest support, OPEC+ announced it would delay its planned production hike from January to Q2 2025, reflecting caution amid a fragile demand outlook.

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Written by: Muhammad Hafiz