Oil Prices Remain Steady Amid Anticipation of U.S. Data: Oil prices remained stable ahead of the weekly inventory data release from the United States,
which might show another increase in nationwide crude oil inventories.
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Impact of Stock Markets on Oil Futures
Future Market Outlook and Oil Gains
Details
Brent crude prices remained unchanged, hovering around $85 per barrel after a quiet trading session due to a holiday in the United States,
while West Texas Intermediate crude surpassed $81.
The U.S. Energy Information Administration will release the report today,
Thursday, a day later than usual, with a sector report indicating an increase in inventory.
Impact of Stock Markets on Oil Futures
Without other drivers, oil futures have recently been following broader stock markets,
which have started to lose momentum.
The lackluster trading in crude oil has helped push Brent’s implied volatility to its lowest level in six years.
Future Market Outlook and Oil Gains
Oil remains on track for monthly gains after the OPEC+ alliance extended production cuts,
stating that any subsequent plans to bring barrels back would depend on market conditions.
Traders are also monitoring demand forecasts as Asian refineries have regained some of their capacity after maintenance despite weak refining margins.
Oil Prices Remain Steady Amid Anticipation of U.S. Data: