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Upgrade to Premium Oil edges higher as traders weigh escalation of Ukraine conflict Bloomberg News Thu, Nov 21, 2024, 1:48 AM 1 min read
In This Article:
BZ=F CL=F
(Bloomberg) — Oil rose, shrugging off another gain in US crude stockpiles, as the market weighed an escalation of the Russia-Ukraine war.
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Brent (BZ=F) traded above $73 a barrel after closing 0.7% lower on Wednesday, while West Texas Intermediate (CL=F) was near $69. Ukrainian forces expanded the use of Western-provided long-range weapons on Russian military targets following a revamped nuclear doctrine from the Kremlin.
• USD (CL=F)
In the US, meanwhile, crude inventories expanded by 545,000 barrels for a third weekly increase, according to government data. The gain was significantly smaller than figures flagged by an industry report on Tuesday.
Oil has swung between gains and losses since mid-October, buffeted by a range of factors including concerns over Chinese demand and a stronger dollar. The market is facing a supply glut next year and investors are watching for a decision from OPEC+ on plans to start reviving idled supply.
• USD (BZ=F)
“We expect oil prices to test new lows next year as geopolitical risk subsides and bearish fundamental factors take great weight,” Macquarie Group analysts including Vikas Dwivedi wrote in a note dated Nov. 20. Futures are currently “range-bound with limited catalysts,” they added.
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