Thursday 31 Oct
Oil prices rebounded on Wednesday, recovering some of the losses from earlier in the week. This uptick was fueled by easing geopolitical tensions in the Middle East and expectations of lower U.S. crude oil inventories.
Brent crude futures for December delivery rose 0.55% to
$71.51 per barrel, while WTI crude futures for December delivery gained 0.65%
to $67.65 per barrel.
A report from the American Petroleum Institute showed a
decline in U.S. crude oil inventories of 573,000 barrels last week. Gasoline
and distillate inventories also decreased, signaling increased demand.
Markets are now looking ahead to the official U.S. oil inventory data from the Energy Information Administration, which is expected to show a build of 1.5 million barrels after a significant 5.5 million barrel increase the previous week.
