Oil Steadies as Stockpiles Rise and Traders Monitor Middle East

Oil Steadies as Stockpiles Rise and Traders Monitor Middle East

From bnnbloomberg.ca

Oil steadied after a two-day decline as US crude inventories expanded, while the market watched for an Israeli response to Iran’s missile attack early last week. West Texas Intermediate futures traded above $73 a barrel after falling 0.5% on Wednesday, while Brent closed lower below $77. US crude stockpiles swelled by 5.8 million barrels last week, the biggest increase since late April, according to government data. Gasoline inventories dropped. The market remains on edge about Israel’s intentions to launch a retaliatory strike against Tehran, which has sparked fears about an all-out war. President Joe Biden has ... (full story)

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