Oil prices steadied after US crude inventories posted their biggest weekly decline in more than two months, keeping supplies below seasonal norms.
West Texas Intermediate traded near US$63 a barrel after climbing over 1% on Wednesday, while Brent settled just under US$67. Data from the Energy Information Administration showed nationwide crude holdings fell by 6 million barrels last week, the steepest draw since mid-June. Gasoline stockpiles also declined for a fifth consecutive week.
Despite the inventory drop, oil remains down more than 10% this year as concerns over US trade policies weigh on demand sentiment. The return of OPEC+ supply has added to expectations of a potential surplus once peak summer consumption tapers off.
Traders are also monitoring developments in Ukraine, where progress towards a ceasefire could influence global energy flows.
Bloomberg
