PHOTO CREDIT: Unsplash / Energy Intelligence
commodities
Crude Oil Holds Steady Near $82 a Barrel Amid Middle East Supply Concerns
Brent futures hold firm as geopolitical tension across key shipping straits offsets demand concerns from manufacturing data.
Reported by PnbMoney Commodities Bureau PNB Money Bureau
EXECUTIVE BRIEFING
Key Market Takeaways
- 01. Brent crude futures traded around $82.40 per barrel with OPEC+ production cuts in effect.
- 02. US commercial crude inventories drew down by 3.2 million barrels according to EIA data.
- 03. Refining margins for diesel and jet fuel narrowed slightly due to seasonal shifts.
- 04. Energy traders are monitoring tanker transit volumes through maritime choke points.
Global crude oil prices remained supported near monthly highs as energy traders evaluated supply discipline from OPEC+ member nations against global economic growth metrics.
Inventory data released by the Energy Information Administration showed a greater-than-expected decline in US crude stocks, supporting refined product prices.