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Oil steadies after volatile session on signs of tighter market
Oil steadied after a volatile session, as traders assessed signs of a tightening market that have supported gains in the new year.
West Texas Intermediate held above $73 a barrel, after ending more than 1% lower on Wednesday even as US data showed crude holdings at the key Cushing, Oklahoma, hub hit the lowest since 2014. Brent closed near $76.
Oil has had a strong start to 2025, despite widespread concerns that prices would struggle this year. The advance which has lifted WTI to the highest level since mid-October has been driven by falling US stockpiles, lower supplies from OPEC+ member Russia, and concerns that President-elect Donald Trump may tighten sanctions on Iran when he takes office.
Market metrics point to tightening conditions. WTI’s prompt spread the difference between its two nearest contracts is 64 cents a barrel in backwardation, a bullish pattern. That’s more than twice the gap a month ago.
Source: CNBC Tv 18
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