Oil trades stable; Rising US stocks offset supply concerns

Oil prices were stable on Wednesday, dipping in and out of negative territory after industry data showed U.S. stockpiles rose more than expected last week, though supply concerns and a weak dollar lent it support for.

At 11:11 GMT, crude oil futures Brent Futures for December were up 22 cents, or 0.24%, at $93.74 a barrel, while futures for the West Texas Intermediate in the United States (WTI) for the same month they gained 51 cents, or 0.6%, to 85.82 dollars a barrel.

The dollar’s weakness sent a bullish signal, making oil cheaper for holders of other currencies.

However, crude oil inventories in the United States rose by some 4.5 million barrels in the week ending October 21, according to market sources citing figures from the industry group. American Petroleum Institute higher than the expectations of five analysts polled by Reuters.

Official US stockpiles data from the government’s Energy Information Administration will be released at 14:30 GMT.

The increase in reserves reinforces fears that a global recession will further reduce demand, the weakness of which was also highlighted in the lower data on oil imports from China.

The CEO of Saudi Aramco He said there are many uncertainties ahead of planned European embargoes on crude and refined products from Russia, a member of the Saudi-led OPEC+ alliance, adding however that Russian oil continues to find buyers.

“OPEC’s production cuts, effective in November, and new EU sanctions on Russian oil, due to take effect from December, should be positive (for prices),” Stephen Innes of SPI told Reuters. Asset Management.