Oil prices showed little flat as traders focused on the ongoing Russia-Ukraine conflict. This week, concerns grew over potential supply disruptions, especially after Moscow raised the possibility of nuclear retaliation. The conflict remains a key factor impacting oil prices globally.
Despite these fears, Russian officials stated their commitment to avoiding nuclear escalation. This announcement helped ease some market concerns. Additionally, Ukraine's attacks on Russian oil infrastructure have not significantly disrupted supply so far.
US oil inventories rose sharply last week, creating additional pressure on oil prices. The American Petroleum Institute (API) reported a 4.75 million barrel increase, much higher than expected. This trend suggests that official data may also indicate significant inventory growth.
For two consecutive weeks, inventory builds have exceeded predictions. This has heightened concerns about an oversupply in the oil market, especially as demand among key importers remains weak. Traders are now watching closely for signs of a prolonged glut.
On Wednesday, Brent oil futures stabilized at $73.31 per barrel, while West Texas Intermediate (WTI) crude futures steadied at $69.22 per barrel. These prices reflect market hesitation amidst geopolitical and supply-related uncertainties.
In addition, production at Norway’s Sverdrup oil field resumed on Tuesday, providing some relief to supply constraints. While the market remains on edge, the steady oil prices highlight a balance between geopolitical risks and increased US inventories.
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