Oil prices edge higher amid volatile trading
On Wednesday, 26 June, international crude oil benchmarks managed to post slight gains despite a volatile trading session characterized by fluctuations between losses and gains.
On Wednesday, 26 June, international crude oil benchmarks managed to post slight gains despite a volatile trading session characterized by fluctuations between losses and gains. Brent crude rose by 24 cents, settling at $85.25 per barrel, while West Texas Intermediate (WTI) inched up by 7 cents, closing at $80.90 per barrel.
The latest report from the Energy Information Administration (EIA) revealed a significant increase in crude stockpiles, which rose by 3.5 million barrels last week. Additionally, the combined inventories of oil and fuel products reached their highest levels since February 2021, adding downward pressure on oil prices.
However, geopolitical tensions in the Middle East provided a counterbalance to the bearish inventory news. The escalating conflict between Israel and Lebanon heightened concerns about regional stability, contributing to the upward movement in oil prices.