Oil rose after a weekly report from the Energy Information Administration showed a 6 million-barrel decline in US inventories. Traders continued to monitor negotiations to end Russia’s war against Ukraine.
West Texas Intermediate futures for both the September and October contracts edged higher, with the more-active October contract rising to settle near $63 a barrel. Brent futures strengthened to settle near $67 a barrel.
“All and all this is modestly bullish,” said Rebecca Babin, a senior energy trader at CIBC Private Wealth Group, said of the US stockpile drop. “But not enough to change the minds of the permabears out there.”
Despite the overall draw, crude inventories at Cushing, Oklahoma, grew for the seventh consecutive week, rising to 23.5 million barrels despite the American Petroleum Institute estimating a decrease. The hub, which serves as the main storage and delivery point for WTI futures, has seen a recent surge of supplies from the Permian Basin.
Investors are also watching the progress toward a Russsia-Ukraine ceasefire following a series of high-level talks brokered by President Donald Trump. The US and military officials from NATO discussed security measures Wednesday for Ukraine to help forge a peace agreement, according to a senior alliance official. Any peace deal could lead to fewer restrictions on Russia’s crude exports, although Moscow has largely kept its oil flowing despite an array of sanctions.
A lot of that crude has been shipped to India since the war, drawing criticism from the Trump administration. On Tuesday, US Treasury Secretary Scott Bessent claimed on CNBC that some of the “richest families in India” benefited from purchases of Russian oil, reiterating plans to boost tariffs on the South Asian nation.
The longer-term outlook for the oil market looks bearish, with expectations for a glut later in 2025 as OPEC+ returns barrels and as Trump’s trade policies spark concerns about demand, according to the International Energy Agency. Futures are down more than 10% this year.
Oil Prices
Brent for October settlement rose 1.6% to settle at $66.84 a barrel.
WTI for September delivery, which expires on Wednesday, climbed 1.4% to settle at $63.21 a barrel.
The more-active October contract settled 1.5% higher at $62.71.
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