Oil Holds Steady Amid US Inventory Build Reports

Oil prices remained stable as a report from the American Petroleum Institute (API) indicated a rise in US crude inventories. West Texas Intermediate (WTI) for January delivery traded above $69 per barrel, while Brent hovered near $73 per barrel. API data showed a 4.8 million barrel increase in crude stockpiles last week.

The Energy Information Administration (EIA) is set to release official figures on Wednesday, including data on inventories, refining activities, and fuel demand. Oil markets have been fluctuating since mid-October due to factors such as Middle East conflicts, weak demand from China, ample global supplies, and a strong US dollar. These dynamics have created uncertainty in price movements, reflecting the delicate balance of global market influences.

Customer Notice:

Nextgen Global Services Pty Ltd trading as Kapitales Research (ABN 89 652 632 561) is a Corporate Authorised Representative (CAR No. 1293674) of Enva Australia Pty Ltd (AFSL 424494). The information contained in this website is general information only. Any advice is general advice only. No consideration has been given or will be given to the individual investment objectives, financial situation or needs of any particular person. The decision to invest or trade and the method selected is a personal decision and involves an inherent level of risk, and you must undertake your own investigations and obtain your own advice regarding the suitability of this product for your circumstances. Please be aware that all trading activity is subject to both profit & loss and may not be suitable for you. The past performance of this product is not and should not be taken as an indication of future performance.

Kapitales Research, Level 13, Suite 1A, 465 Victoria Ave, Chatswood, NSW 2067, Australia | 1800 005 780 | info@kapitales.com