Oil prices stabilized after a decline on Wednesday, as traders evaluated ongoing tensions in the Middle East alongside the supply outlook for 2025.
The recent midweek decline was influenced by data indicating a significant increase in U.S. crude inventories, which rose by more than 5 million barrels last week. This surge in stockpiles has raised concerns about supply dynamics in the market, prompting traders to closely monitor geopolitical developments and their potential impact on oil prices.
Meanwhile, West Texas Intermediate crude rose slightly above $71 per barrel, recovering from a drop of over 1% the previous day. Brent crude hovered near $75.