Oil edged lower amid surging US stockpiles and a recovery in European supply
Despite these losses, prices found some support due to escalating tensions in Eastern Europe, which heightened concerns over potential supply risks from the region. A weakening US dollar also helped cushion the decline
International crude oil benchmarks edged lower on Wednesday, November 20, 2024, following a larger-than-expected build-up in US crude inventories. According to the Energy Information Administration (EIA), stockpiles increased by 500,000 barrels compared to the previous week, adding pressure to prices. This was compounded by the restoration of key oil facilities in Western Europe, which resumed full operational capacity, further boosting supply.
Brent crude fell by $0.50 and closed at $72.81/barrel.
WTI decreased by $0.52 and settled at $68.87/barrel.
Despite these losses, prices found some support due to escalating tensions in Eastern Europe, which heightened concerns over potential supply risks from the region. A weakening US dollar also helped cushion the decline, as it made dollar-denominated commodities more affordable for global buyers.
Written by: Muhammad Hafiz