Brent crude rose as much as $66 a barrel after finishing little changed Tuesday, with West Texas Intermediate above $62. The American Petroleum Institute reported a drop of 1.8 million barrels at the Cushing, Oklahoma, hub last week, as well as a decline in product inventories including gasoline. National crude reserves are estimated to have increased, although they remain near seasonal lows.
Crude remains under pressure on expectations of an oversupply in the coming months, with the Organization of the Petroleum Exporting Countries and its allies increasing production in a bid to regain market share. In the United States, official forecasts indicate that domestic crude production will hit a record this year, thanks to increasing offshore supplies.
Meanwhile, the latest round of Ukrainian drone strikes against Russian oil infrastructure has reduced domestic processing and led to increased crude exports. Flows of unprocessed oil held at a 16-month high over the past four weeks, according to ship tracking data monitored by Bloomberg.
“Until the physical market shows signs of slowing via rising inventories, investors will likely ignore the impact of production increases,” ANZ Group Holdings Ltd. analysts, including Daniel Hynes, said in a note.
Also read: Asian stocks fall at open, gold near $4,000
She confirmed his salary information is kept privatebut noted that “Dancing with the stars takes care of its people, so…
In this photo taken on October 4, 2025 and published by Lingsuiye, villagers with their oxen and horses climb the…
Marathi activist Manoj Jarange Patil said on Saturday (August 30) that the government should not test the patience of the…
MELBOURNE, Australia -- MELBOURNE, Australia (AP) — Deloitte Australia will partially refund the 440,000 Australian dollars ($290,000) paid by the…
A week ago, the Rays officially changed hands, with a group led by Patrick Zalupski working for Stuart Sternberg. An…
The American scientist, Dr. Fred Ramsdell, was the last day of a three -week hike with his wife Laura O'Neill…