{"id":15816,"date":"2024-11-21T03:12:57","date_gmt":"2024-11-21T03:12:57","guid":{"rendered":"https:\/\/www.vtmarkets.com\/?p=15816"},"modified":"2024-11-21T03:12:57","modified_gmt":"2024-11-21T03:12:57","slug":"oil-edges-higher-with-supply-concerns","status":"publish","type":"post","link":"https:\/\/www.global-vtrader.com\/en\/analysis\/oil-edges-higher-with-supply-concerns\/","title":{"rendered":"Oil Edges Higher with Supply Concerns"},"content":{"rendered":"\n<p class=\"has-medium-font-size\"><strong>Key Points:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Brent crude increased by 28 cents to $73.09, and WTI rose by the same margin to $69.03 amid geopolitical tensions.<\/li>\n\n\n\n<li>U.S. crude stocks rose by 545,000 barrels, while gasoline inventories climbed and distillates posted unexpected draws.<\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-dots\" \/>\n\n\n\n<p>WTI crude futures stabilised at $69.11 per barrel on Thursday, as shown in the chart, reflecting a modest 0.09% upward trend.<\/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\/11\/image-35-1024x442.jpeg\" alt=\"\" class=\"wp-image-15817\" style=\"width:1450px;height:auto\" \/><\/figure>\n\n\n\n<p class=\"has-text-align-center\"><em>Picture: Crude oil steadies near $69 as traders weigh OPEC+ supply moves and U.S. inventory data, as seen on the <\/em><em><a href=\"https:\/\/vtmarketsapp.onelink.me\/CD7D\/240525WA\">VT Markets app<\/a><\/em><em>.<\/em><\/p>\n\n\n\n<p>Prices fluctuated from $68.95 to $69.16, with an intraday resistance peak at $69.94. The market remains range-bound, supported by geopolitical risks while being weighed down by U.S. inventory data.<\/p>\n\n\n\n<p><strong>Black Sea Tensions Provide Support<\/strong><\/p>\n\n\n\n<p>The <a href=\"https:\/\/t.co\/73h5l67kYY\">escalating Russia-Ukraine war<\/a> continues to underpin crude prices, as Western-supplied weapons heighten conflict risks. Moscow has labelled the use of advanced missiles a major escalation, with fears of supply disruptions bolstering market sentiment.<\/p>\n\n\n\n<p><strong>U.S. Inventory Data Weighs on Prices<\/strong><\/p>\n\n\n\n<p>According to the Energy Information Administration (EIA), U.S. crude stocks rose by 545,000 barrels last week, <a href=\"https:\/\/t.co\/xngEmeE6XW\">exceeding forecasts<\/a> of a 138,000-barrel increase. Gasoline inventories climbed more than expected, while distillate stocks saw larger-than-anticipated declines, offering mixed signals for demand trends.<\/p>\n\n\n\n<p>Oil prices are likely to remain range-bound in the near term, with traders closely monitoring geopolitical developments and the upcoming OPEC+ meeting on December 1.<\/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\">OPEC Secretary General tells COP29 oil is a gift from God <a href=\"https:\/\/t.co\/WVd5rAZ24H\">https:\/\/t.co\/WVd5rAZ24H<\/a> <a href=\"https:\/\/t.co\/zkttpjpvbn\">pic.twitter.com\/zkttpjpvbn<\/a><\/p>&mdash; Reuters (@Reuters) <a href=\"https:\/\/twitter.com\/Reuters\/status\/1859271757766554016?ref_src=twsrc%5Etfw\">November 20, 2024<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>A decisive breakout above $70 could signal renewed bullish momentum, while a drop below $68.95 may indicate increased downside risks.<\/p>\n\n\n\n<p><strong><a href=\"https:\/\/www.vtmarkets.com\/trade-now\/\">Create your live VT Markets account<\/a><\/strong><strong> and <\/strong><strong><a href=\"https:\/\/myaccount.vtmarkets.com\/login\">start trading<\/a><\/strong><strong> now.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>WTI crude stabilised at $69.11, trading within a narrow range as geopolitical tensions offset bearish U.S. inventory builds. &#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-15816","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\/15816","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=15816"}],"version-history":[{"count":0,"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/posts\/15816\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/media?parent=15816"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/categories?post=15816"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/tags?post=15816"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}