{"id":15562,"date":"2024-10-30T03:30:05","date_gmt":"2024-10-30T03:30:05","guid":{"rendered":"https:\/\/www.vtmarkets.com\/?p=15562"},"modified":"2024-10-30T03:30:05","modified_gmt":"2024-10-30T03:30:05","slug":"oil-prices-steady-on-surprise-drop-in-us-crude","status":"publish","type":"post","link":"https:\/\/www.global-vtrader.com\/en\/analysis\/oil-prices-steady-on-surprise-drop-in-us-crude\/","title":{"rendered":"Oil Prices Steady on Surprise Drop in US Crude"},"content":{"rendered":"\n<p><em>Listen to the article here:<\/em><\/p>\n\n\n\n<figure class=\"wp-block-audio\"><audio controls src=\"https:\/\/www.vtmarkets.com\/wp-content\/uploads\/2024\/10\/15562.mp3\"><\/audio><\/figure>\n\n\n\n<p class=\"has-medium-font-size\"><strong>Key Points:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>US crude inventories dropped by 573,000 barrels, while gasoline and distillates saw decreases of 282,000 and 1.46 million barrels respectively.<\/li>\n\n\n\n<li>Brent crude and WTI futures rose 0.3% as unexpected inventory declines buoyed prices after a 6% fall over the past two sessions.<\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-dots\" \/>\n\n\n\n<p>Oil prices edged up on Wednesday as markets absorbed a surprise drawdown in US crude and fuel stocks, providing a buffer against recent losses spurred by potential diplomatic developments in the Middle East.&nbsp;<\/p>\n\n\n\n<p>Brent crude futures rose 21 cents, or 0.3%, reaching $71.33 per barrel, while US West Texas Intermediate (WTI) crude futures gained 22 cents, settling at $67.43 per barrel. This slight price recovery follows a sharp decline of over 6% in the prior two sessions.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img decoding=\"async\" src=\"https:\/\/www.vtmarkets.com\/wp-content\/uploads\/2024\/10\/image-65-1024x469.jpeg\" alt=\"\" class=\"wp-image-15563\" style=\"width:1449px;height:auto\" \/><\/figure>\n\n\n\n<p class=\"has-text-align-center\"><em>See also: Oil prices dropped from 68.503 to 66.713 before stabilising around 67.453, with MACD showing consolidation on the <a href=\"https:\/\/vtmarketsapp.onelink.me\/CD7D\/240525WA\">VT Markets app<\/a>.<\/em><\/p>\n\n\n\n<h2 class=\"wp-block-heading has-medium-font-size\"><strong>API Reports Surprise Crude Drawdown, Eyes on EIA Data for Market Impact<\/strong><\/h2>\n\n\n\n<p>Data released by the American Petroleum Institute (API) on Tuesday revealed a dip in US crude stockpiles by 573,000 barrels for the week ending October 25, defying analysts\u2019 expectations of a 2.2 million-barrel increase. <\/p>\n\n\n\n<p>Gasoline stocks fell by 282,000 barrels, and distillates saw a decrease of 1.46 million barrels, further tightening the supply picture.\u00a0<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">Crude oil inventories in the United fell by 573,000 barrels for the week ending October 25, according to The American Petroleum Institute (API). Analysts had expected a build of 2.3 million barrels.<a href=\"https:\/\/t.co\/1lSndb9zq6\">https:\/\/t.co\/1lSndb9zq6<\/a><\/p>&mdash; OilPrice.com (@OilandEnergy) <a href=\"https:\/\/twitter.com\/OilandEnergy\/status\/1851386959450472928?ref_src=twsrc%5Etfw\">October 29, 2024<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>Market participants are closely watching for the official Energy Information Administration (EIA) data set for release later today, which could confirm or contradict API\u2019s findings, and thus influence short-term price movements.<\/p>\n\n\n\n<h2 class=\"wp-block-heading has-medium-font-size\"><strong>API Eases Oil Bulls as Middle East Tensions Cool<\/strong><\/h2>\n\n\n\n<p>The API report provided some relief to oil bulls who saw prices drop steeply after media reports on Tuesday indicated that Israeli Prime Minister Benjamin Netanyahu was initiating diplomatic discussions, aiming for a potential resolution with Lebanon.\u00a0<\/p>\n\n\n\n<p>The diplomatic turn cooled concerns of an extended Middle East conflict, which had contributed to oil\u2019s recent volatility. <\/p>\n\n\n\n<p>Adding to the downtrend, oil markets responded on Monday to news that Israeli strikes on Iranian targets over the weekend did not impact Tehran\u2019s oil infrastructure, diminishing the likelihood of an immediate supply disruption.<\/p>\n\n\n\n<p><strong>See also: <a href=\"https:\/\/x.com\/OilandEnergy\/status\/1851386959450472928\">Oil Prices Lifted by U.S. Reserve Refill Plan<\/a><\/strong><\/p>\n\n\n\n<p>The API\u2019s reported inventory reductions could imply a continued drawdown in US stockpiles, suggesting that demand may be outpacing supply\u2014a factor supportive of short-term price stability. <\/p>\n\n\n\n<p>However, with global tensions and economic uncertainties, traders may proceed with caution, especially as any further developments in Middle Eastern diplomacy could reintroduce volatility.<\/p>\n\n\n\n<p><strong>Start trading now \u2014 click <\/strong><a href=\"https:\/\/www.vtmarkets.com\/trade-now\/?utm_campaign=account_c&amp;utm_source=dma&amp;utm_medium=website\"><strong>here<\/strong><\/a><strong> to create your live VT Markets account.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil steadies as a U.S. crude dip offsets easing Mideast tensions. Traders await more inventory data later today. &#8211; vtmarkets.com<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[27],"tags":[44,34],"class_list":["post-15562","post","type-post","status-publish","format-standard","hentry","category-analysis","tag-commodities","tag-oil"],"acf":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/posts\/15562","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/comments?post=15562"}],"version-history":[{"count":0,"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/posts\/15562\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/media?parent=15562"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/categories?post=15562"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/tags?post=15562"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}