{"id":15953,"date":"2024-12-04T04:02:47","date_gmt":"2024-12-04T04:02:47","guid":{"rendered":"https:\/\/www.vtmarkets.com\/?p=15953"},"modified":"2024-12-04T04:02:47","modified_gmt":"2024-12-04T04:02:47","slug":"oil-prices-stabilise-on-rising-inventory-data","status":"publish","type":"post","link":"https:\/\/www.global-vtrader.com\/en\/analysis\/oil-prices-stabilise-on-rising-inventory-data\/","title":{"rendered":"Oil Prices Stabilise on Rising Inventory Data"},"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\/12\/15953.mp3\"><\/audio><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\">Key point<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Brent crude and WTI futures edged lower after a 2.5% jump in Brent on Tuesday.<\/li>\n\n\n\n<li>U.S. crude inventories rose, while gasoline stocks also increased, surprising expectations.<\/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 changed little in early Asia trading on Wednesday. Brent crude dropped slightly by 2 cents to $73.60 per barrel, and U.S. West Texas Intermediate (WTI) crude fell by 3 cents to $69.91.<\/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\/12\/image-3-1024x438.jpeg\" alt=\"\" class=\"wp-image-15954\" style=\"width:1450px;height:auto\" \/><\/figure>\n\n\n\n<p class=\"has-text-align-center\"><em>Picture: WTI crude sees a 2.60% rise, closing at $69.92 after hitting a high of $70.06, as seen on the VT Markets app.<\/em><\/p>\n\n\n\n<p>This follows Tuesday\u2019s strong 2.5% rally in Brent, which marked its biggest gain in two weeks. While the market showed signs of optimism, prices were flat as traders weighed up the latest inventory data from the U.S. and upcoming OPEC+ decisions.<\/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\">Here\u2019s the latest news and analysis on the oil market <a href=\"https:\/\/t.co\/yhaAz9UMgM\">https:\/\/t.co\/yhaAz9UMgM<\/a><\/p>&mdash; Bloomberg (@business) <a href=\"https:\/\/twitter.com\/business\/status\/1864091573882925340?ref_src=twsrc%5Etfw\">December 3, 2024<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>Data from the American Petroleum Institute (API) showed that U.S. crude inventories rose by 1.2 million barrels last week. Gasoline stocks also increased by 4.6 million barrels, surprising many, especially considering the Thanksgiving holiday when demand for fuel usually spikes.<\/p>\n\n\n\n<p>This has raised some concerns about softening demand, although the <a href=\"https:\/\/t.co\/91Txa3e6Xp\">official figures<\/a> from the U.S. Energy Information Administration (EIA) is expected to provide more clarity.<\/p>\n\n\n\n<p>Despite the inventory build-up, oil prices are being supported by expectations that OPEC+ will extend its supply cuts when the group meets on Thursday.<\/p>\n\n\n\n<p>This could help tighten global supply and offer more price support in the coming months. OPEC+ has been trying to balance oil supply with slower demand growth, and an extension of cuts could keep the market bullish for a while longer.<\/p>\n\n\n\n<p>Beyond the numbers, <a href=\"https:\/\/t.co\/gPiWXn4BA8\">global tensions<\/a> are adding to uncertainties. Tensions between Israel and Hezbollah are rising, and there\u2019s also concern about the ongoing conflict in Syria. These risks could affect oil production in the region, adding a layer of uncertainty to global supply.<\/p>\n\n\n\n<p>In the short term, oil prices are likely to remain in a tight range as traders wait for <a href=\"https:\/\/t.co\/YgtOYdQmdv\">more direction<\/a> from both inventory data and OPEC+. <\/p>\n\n\n\n<p>If the situation in the Middle East worsens, or if OPEC+ decides to deepen the cuts, we could see prices move higher. For now, the market is cautious, but underlying bullish factors are still very much in play.<\/p>\n\n\n\n<p><strong><a href=\"https:\/\/www.vtmarkets.com\/trade-now\/\">Create your live VT Markets account<\/a>\u00a0and<a href=\"https:\/\/myaccount.vtmarkets.com\/login\">\u00a0start trading<\/a>\u00a0now.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil prices steady as traders digested the latest data on U.S. crude and gasoline inventories. Talks continue of OPEC+ extending production cuts. &#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-15953","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\/15953","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=15953"}],"version-history":[{"count":0,"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/posts\/15953\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/media?parent=15953"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/categories?post=15953"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/tags?post=15953"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}