Oil inched higher on larger-than-expected draw in US fuel stocks
The US Energy Information Administration reported a sharp drop in gasoline inventories, down 4.4 million barrels last week—significantly lower than a forecast in a Reuters poll,
On Thursday, November 14, 2024, international crude oil benchmarks closed higher after a volatile trading session, as a larger-than-expected draw in US fuel stocks helped offset concerns about a strong U.S. dollar and potential oversupply.
Brent crude rose by 28 cents to close at $72.56/barrel.
WTI was up by 27 cents, settling at $68.70/barrel.
The US Energy Information Administration reported a sharp drop in gasoline inventories, down 4.4 million barrels last week—significantly lower than a forecast in a Reuters poll, which had predicted a 600,000-barrel increase. The stockpile of 206.9 million barrels for the week ending November 8 marked the lowest level since November 2022.
Despite this bullish inventory data, concerns over potential oversupply in 2025 amid slower demand growth in China limited further gains. Additionally, the strong US dollar continues to weigh on oil prices, potentially dampening foreign demand.
Written by: Muhammad Hafiz