Oil Steady As Industry Report Points To Rising US Stockpiles
2024-11-20 08:52
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Wedoany.com Report-Nov 20, Oil was steady as an industry report signaled a build in US crude inventories ahead of official government figures.
West Texas Intermediate for January delivery traded above $69 a barrel after closing modestly higher on Tuesday, while Brent settled near $73. The American Petroleum Institute reported crude stockpiles rose by 4.8 million barrels last week, according to a document seen by Bloomberg.
The Energy Information Administration is scheduled to release its data on inventories, refining and fuel demand later on Wednesday.
Oil has swung between gains and losses since mid-October, influenced by a range of factors including Middle East hostilities, a weak Chinese demand outlook, ample global supply and a strong dollar.
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