Oil prices held steady amid dollar weakness and supply recovery in Western Europe
However, upward momentum in oil prices was limited by the partial resumption of production at a major oil facility in Western Europe. Furthermore, a Reuters survey of analysts projects a smaller-than-anticipated inventory build
Global crude oil benchmarks remained stable as of Tuesday, November 19, supported by a weakening US dollar, which made dollar-denominated commodities more affordable for global buyers. Heightened geopolitical tensions in Eastern Europe also provide support, raising concerns about potential supply disruptions in the region.
Brent crude rose by $0.01 to settle at $73.31/barrel.
WTI was up by $0.23, to close at $69.39/barrel.
However, upward momentum in oil prices was limited by the partial resumption of production at a major oil facility in Western Europe. Furthermore, a Reuters survey of analysts projects a smaller-than-anticipated inventory build of around 100,000 barrels, contributing to a more cautious market outlook.
Written by: Muhammad Hafiz