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Oil Prices Rise Amid Shrinking U.S. Inventories
Oil prices rebounded on Thursday in Asian trade, recovering from recent steep losses. The rise followed industry data showing an unexpected drop in U.S. oil inventories, boosting market sentiment.
Brent crude for December delivery gained 0.6% to $74.67 per barrel, while West Texas Intermediate (WTI) rose 0.6% to $70.27 per barrel at 01:02 GMT.
Middle East Tensions and China's Stimulus in Focus
Oil markets remain on edge due to heightened tensions in the Middle East, particularly concerns about Israel's retaliation against Iran. However, reports indicate that Israel may avoid targeting Iran’s oil and nuclear infrastructure, easing fears of a severe conflict escalation.
Additionally, oil prices continue to be affected by weak demand signals from China, the world’s top oil importer. Despite recent fiscal stimulus announcements, Beijing has yet to provide clear details on the scale and timing of these measures.
U.S. Inventory Shrinks, Supporting Oil Prices
The American Petroleum Institute (API) reported a surprising 1.58 million barrel draw in U.S. oil inventories for the week ending October 11, contrary to expectations of a 3.2 million barrel increase. This data raises hopes for tightening U.S. supplies, despite previous weeks of substantial inventory builds.
The API report usually foreshadows the official U.S. Energy Information Administration (EIA) inventory data, due later on Thursday.
Demand Fears Persist
Despite Thursday’s recovery, oil prices remain under pressure. Over the past week, both Brent and WTI crude have fallen by 5-6.5% due to weak global demand forecasts. Both the International Energy Agency (IEA) and OPEC have downgraded their projections, citing slowing demand in China as a key concern.
