Oil prices rose over the past day as the market reacted to geopolitical tensions and the possibility of continued OPEC+ supply cuts amid weaker global demand. About this informs Reuters.
The price of Brent oil rose by 16 cents (0.2%), reaching $73.78 per barrel. West Texas Intermediate (WTI) futures rose 14 cents (0.2%) to settle at $70.08 per barrel.
As noted by Priyanka Sachdeva, a senior market analyst at Phillip Company, factors such as the unstable truce between Israel and Hezbollah, the declaration of martial law in South Korea and the intensification of rebels in Syria, which threatens to draw oil-producing countries into the conflict, contributed to the increase in prices. At the same time, the market predicts a reduction in supply in 2025, given weak demand signals from the world’s two largest economies — the US and China, the analyst noted.
In the United States, crude oil inventories rose by 1.2 million barrels last week, market sources reported, citing data from the American Petroleum Institute. In addition, gasoline inventories rose by 4.6 million barrels, despite a seasonal spike in demand due to holiday travel during the Thanksgiving period.
Official data from the US Energy Information Administration is due this week. Experts expect crude oil stocks to fall by 700,000 barrels, while gasoline stocks may increase by 639,000 barrels.
