Oil Extends Gain After Stockpiles Fall With Focus on Middle East

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    Upgrade to Premium Oil Extends Gain After Stockpiles Fall With Focus on Middle East Bloomberg News Wed, Oct 30, 2024, 6:30 PM 1 min read

    (Bloomberg) — Oil rose for a second session after US crude inventories shrank, with the market monitoring the Middle East for any potential flare-up.

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    West Texas Intermediate traded near $69 a barrel after advancing 2.1% on Wednesday, while Brent closed above $72. US stockpiles of crude, gasoline and distillate — a category that includes diesel — all declined last week, according to data from the Energy Information Administration.

    Oil plunged at the start of the week after Israel’s limited retaliatory strike on Iran, and on a renewed push to end the conflict with Hezbollah. However, the market has “relaxed too quickly” over Middle East risks, and a resumption of hostilities could boost prices, according to Standard Chartered Plc.

    Commodity and financial markets have two crucial events next week that could whipsaw prices — the US election and a meeting of China’s top legislative body, with investors watching for additional stimulus efforts to revive Beijing’s economy. The Asian nation is the world’s top crude importer.

    To get Bloomberg’s Energy Daily newsletter into your inbox, click here.

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