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Brent Crude Oil Slips as Supply Concerns Ease

Brent Crude Oil : Slipped toward $97 per barrel on Thursday after official data showed that US crude inventories rose much more than expected as local output increased, while crude flows at a key European pipeline normalized.

EIA data showed that US crude stockpiles expanded by 5.5 million barrels last week, much higher than the 73,000-barrel increase expected by analysts, while US gasoline demand remained 6% down over the past four weeks compared to last year.

Flows on the Russia-to-Europe Druzhba pipeline also resumed earlier this week as a payment dispute was resolved, easing supply concerns further. Meanwhile,

the IEA and OPEC are set to release their monthly market outlooks later today, with major producers expected to maintain a cautious stance in supply increases due to various supply disruptions and weakening demand.

Brent prices are still up more than 2% so far this week, but remain near six-month lows after having erased all the gains seen since Russia invaded Ukraine.
3 hours ago