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At 12:04 GMT, Light Crude Oil Futures are trading $72.30, up $0.20 or +0.28%.
US Crude Inventory Build Puts Pressure on Oil Prices
Oil prices remained largely unchanged on Thursday after hitting a near one-week high in the previous session. The American Petroleum Institute (API) reported a 3.34 million barrel increase in U.S. crude inventories last week, alongside a 2.83 million barrel rise in gasoline stocks and a 2.69 million barrel decline in distillate stocks.
Saxo Bank analyst Ole Hansen noted that the stock build contributed to the market’s indecision. While supply disruptions in Kazakhstan and delayed OPEC+ production increases offered support, broader demand concerns continue to cap gains.
Attention now shifts to the U.S. Energy Information Administration’s (EIA) official oil inventory data due later on Thursday. Analysts expect a 2.2 million barrel increase, following last week’s 4.1 million barrel rise, which exceeded forecasts.
Supply Risks Balanced by Potential Supply Boosts
The market is also digesting supply risks from the Caspian Pipeline Consortium, where oil flows were reduced by 30%-40% following a Ukraine drone attack. This could cut global supply by up to 380,000 barrels per day, lending a bullish undertone to prices.
However, potential resumption of oil flows from Iraq’s Kurdistan region could offset these risks. ING analysts noted that a restart could add 300,000 barrels per day to market supply. As of Thursday, Turkey had not confirmed the resumption, keeping traders on edge.
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