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Oil prices stabilized as US crude inventories increased for the third consecutive week, with West Texas Intermediate trading near $69 a barrel and Brent below $73. Government data revealed a rise of 545,000 barrels in stockpiles, significantly lower than industry estimates. Traders remain vigilant amid escalating tensions in Ukraine.
Oil prices stabilized after a significant rise, with West Texas Intermediate near $69 a barrel and Brent above $73. The dollar"s decline contributed to this increase, making commodities cheaper for buyers, while Wall Street and Asian markets showed positive momentum.
National average gasoline prices are poised to dip below $3 a gallon just in time for Thanksgiving, coinciding with a surge in holiday travel expected to reach prepandemic levels. As drivers face heavy traffic, they will benefit from the lowest fuel prices since January, with further declines anticipated as West Texas Intermediate crude remains near its lowest since September.
Oil prices continued to decline amid concerns over a potential supply glut and weakening demand from China, the largest crude importer. Brent crude fell below $71 a barrel, while West Texas Intermediate hovered around $67, reflecting a 3.8% drop last week. Monthly data indicated a further decrease in China's apparent oil demand for October.
Oil prices declined for a second consecutive day, with Brent near $74 a barrel and West Texas Intermediate close to $70. The downturn is attributed to a weak economic outlook in China, highlighted by low consumer inflation and falling factory-gate prices, despite a recent debt-swap plan from Beijing that failed to meet investor expectations.
Oil prices steadied after a volatile session, with West Texas Intermediate trading below $72 a barrel and Brent near $75. Traders are assessing the implications of Donald Trump's election victory, which has strengthened the dollar and contributed to a rise in US crude inventories, now at their highest since August, with stockpiles increasing by 2.15 million barrels.
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