Crude oil imports remained steady at an average of 6.5 million barrels per day (bpd) compared to the previous week, with a slight variation over the past four weeks averaging 6.6 million bpd. Meanwhile, the Strategic Petroleum Reserve saw a modest increase from 364.2 million barrels to 364.9 million barrels, reflecting ongoing efforts by the U.S. to bolster reserves despite the backdrop of climbing oil prices.
Despite a favorable market environment, domestic oil production in the U.S. held steady at 13.1 million bpd, indicating a surprising stagnation in output from American oil producers. This trend contrasts expectations of increased production given market conditions, potentially hinting at underlying operational or logistical constraints within the industry.
Oil Supplies Go Up by 2.7 Million Barrels, More Than Analysts Expected (Credits: Reuters)
Traders observed a retreat in WTI oil prices, edging towards the $84.00 mark as attention shifted to growing crude inventories. Concurrently, market focus remained on developments in the Middle East, particularly following Israeli Prime Minister Benjamin Netanyahu’s statement asserting the country’s autonomy in defense decisions. Despite heightened tensions between Israel and Iran, oil markets exhibited a downward trend, with traders expressing confidence in the continuity of oil supplies despite geopolitical concerns.
Reflecting the broader downturn in oil markets, Brent oil settled below $89.50, underscoring a general pullback across the sector. As investors navigate evolving economic dynamics, a comprehensive economic calendar serves as a valuable resource for tracking today’s key events and their potential impact on global markets.
