Crude oil prices rose following a surprise inventory draw reported by the EIA, but concerns about global demand persist.
Crude oil prices moved higher today after the U.S. Energy Information Administration reported an inventory decline of 5.1 million barrels for the week to November 29. The change compared with a build of 1.23 million barrels for the week, as estimated by the American Petroleum Institute a day earlier. It also compared with an EIA -estimated draw of 1.8 million barrels for the prior week. The authority also reported builds in fuel inventories for the period.
Middle distillate production averaged 5.3 million barrels daily last week, compared with 5.1 million barrels daily a week earlier. Oil prices, meanwhile, have been on the mend on doubts about the success of the ceasefire between Israel and Hezbollah, the situation in Syria, and the recent surprise martial law declaration in South Korea that only lasted a few hours before the president reversed it. At the time of writing, Brent crude was trading at $73.
EIA Inventory Crude Oil Brent WTI Demand Supply China Geopolitical Risks
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