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Oil stabilizes after surprise drop in U.S. crude inventories

[30/10/2024 01:24]

SINGAPORE - SABA
Oil prices were settled in early Asian trade today, Wednesday, after industry data had showed a surprise drop in U.S. crude and gasoline inventories, following losses in the previous two sessions on the prospect of a de-escalation in the Middle East conflict.

Brent crude futures were up 21 cents, or 0.3 percent, at $71.33 a barrel by 0002 GMT.
U.S. West Texas Intermediate (WTI) crude futures were up 22 cents, or 0.3 percent, at $67.43 a barrel.

Data from the American Petroleum Institute showed that crude oil and fuel stocks in the United States fell last week.
The data indicated that crude stocks fell by 573,000 barrels in the week ending October 25.
Gasoline stocks fell by 282,000 barrels, while distillate stocks fell by 1.46 million barrels.