Oil prices steady ahead of US inventory report

June 20, 2024 (MLN): Oil prices remained largely stable ahead of weekly inventory data release from the US that may show another rise in nationwide crude inventories.

Brent crude traded near $85 per barrel after a low-volume session due to a US holiday. It is up 2.9% this week.

While West Texas Intermediate crude (WTI) was at $80.58 per barrel.

The US Energy Information Administration will release the snapshot later Thursday — one day after it’s usually scheduled — with an industry report signaling a gain, as Bloomberg reported.

In the absence of other drivers, futures have been tracking wider equity markets of late, and stock markets are finally losing some steam.

Crude’s listless trading helped push implied volatility for Brent to a six-year low.

Oil remains on course for a monthly gain after OPEC+ extended supply cuts and said that any subsequent plan to return barrels would hinge on market conditions.

Traders are also tracking the demand outlook, with refineries in Asia bringing back some capacity after maintenance despite poor margins.

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