Oil is supported by a surprise drop in US stockpiles, while natural gas is consolidating within a triangle formation pattern.
Oil prices rose on Thursday, extending the previous day's rally, driven by optimism over U.S. fuel demand following an unexpected drop in crude and gasoline inventories, while reports that OPEC+ may delay a planned output increase offered support.
Oil stockpiles decreased last week as production held steady and imports fell. Analysts had predicted an increase.
The crude oil market continues to see a lot of noisy action, near the bottom of the two year range that we have been in. This is a market that will continue to see a lot of questions asked about the supply and demand dynamics of this asset.
Gasoline inventories decreased by 2.7 million barrels from the previous week.
OPEC+ could delay a planned hike in oil production scheduled to take effect in December by a month or more, three sources from the grouping told Reuters on Wednesday, citing concern about soft oil demand and rising supply.
Oil futures rose early Wednesday, attempting to find their footing after ending the previous session at seven-week lows as investors continued to fade geopolitical worries and turned their attention to a shaky demand outlook and prospects for ample supply.
Crude oil prices test $67 support as traders await U.S. GDP data for fresh market direction, with OPEC+ output hike adding to bearish pressure.
World Bank's outlook on oil and gas predicts oversupply and a 6% price drop in 2024, spotlighting key support levels amid easing geopolitical fears.
Oil rose in early Asian trade in a possible technical rebound after having pulled backed this week amid easing geopolitical risks in the Middle East.
Oil prices stabilised on Wednesday on industry data showing a surprise drop in U.S. crude and gasoline inventories, following two previous sessions of losses on the prospect of hostilities easing in the Middle East.